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January 2022

Finance

5 Top Hacks to Reduce your Home Loan Interest Rates

Not being able to repay your house loan EMIs conveniently? Perhaps the rate of interest on the loan is too high. In that case, it’s time to reduce your interest burden to repay the loan easily. Here are 5 useful tips for that.

Choose a Short Tenure

If you predict that your salary or overall income will increase periodically, you can repay the loan sooner. In that case, you can go for a short loan tenure. Then you would be paying interest for a shorter duration. A top bank for home loans offers industry-best interest rates. So, even if you choose a brief tenure, you need not pay hefty EMIs since you can save on the interest paid on the principal amount. Just to be sure, consider using the home loan EMI calculator and settle for payable EMIs by entering the loan amount, interest rate and the chosen tenure.

Negotiate with the Lender

If you have a high credit score and/or good income, you can apply for a home loan with a lower interest rate. That’s because the lender will assume that you’re responsible and financially stable enough to make loan repayments regularly on time. So, consider using your income proof and credit score to this end.

Moreover, you’ve been loyal to the bank and maintained a good relationship with timely loan and credit card bill payments earlier, you’ll be in a better position to negotiate a lower interest rate with the bank. Then check the rate using the home loan interest rate calculator on the bank’s official website.

Make a Prepayment

If you prepay a part of the loan, the number and amount of EMIs get reduced. Plus this way, the interest burden will also go down. So, you can save on your house loan EMI payments and clear them easily and faster. The best bank offers home loans at floating interest rates so that there are no prepayment charges. On choosing such a bank, you can save on these charges too.

Make a Large Down Payment

With time, as you get salary hikes or your overall income goes up, you can try a large down payment too. Then you can receive various benefits like:

  • Higher creditworthiness
  • Lower principal due to which not only the interest but also the remaining EMIs or tenure, processing fee and other associated charges would go down

What’s more, if you make a sizeable down payment, you may get access to a lower home loan interest rate. After that, use the home loan EMI calculator to check the instalments left to pay.

Choose Balance Transfer

Another way to reduce the interest burden is opting for a home loan balance transfer to the bank offering a lower interest rate and other benefits. Then again you can save money on your loan repayments.

Follow the above tips to reduce the interest you need to pay on your house loan. After the lender accepts your request, check the new EMI amount using the home loan EMI calculator on the bank’s website.

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Latest offers by Vodafone

Vodafone has lately announced several new prepaid and postpaid options in the country. The operator provides monthly plans that start at Rs 19 and go up to Rs 2399 for an annual subscription. The most affordable Vodafone recharge plan costs Rs 10 and has a talkative value of Rs 7.47. The most costly pack costs Rs 2,399 and includes a yearly validity period and daily 1.5GB data, among other features. Here is a list of all Vodafone prepaid and postpaid plans available in India.

You can have any plan that you want, and you can make the Vodafone recharge in easy steps with the help of Airtel Payment Bank.

The list of plans Vodafone Idea recharge plans are as follows –

  • Unlimited pack offer: Unlimited calls direct for 56 days at Rs. 795 with additional benefits

In this plan, you will get unlimited calls for 56 days with 2GB of data per day and weekend data rollovers with 100 SMS per day. Further, users will get a one-year premium subscription for Zee5 and unlimited access to VI Movies and TV.

  • Data offer Unlimited calls at Rs. 401 with additional benefits

Users will get unlimited calls and 3 GB of data per day at just Rs. 401 with a 100 SMS facility each day, along with free access to Vi Movies and TV. They will also get one year of Disney + Hotstar subscription and a further 16 GB of extra data.

  • Data + ZEE5 BONANZA: 50 GB data at Rs. 355

This package will be valid for 28 days with premium access to Zee5 premium.

  • 100 GB data offer: Work from home at Rs. 351

This plan is valid for 56 days with a free subscription to the VI app.

  •  Data offer: 28 days internet plan

The plan’s maximum benefits are limited to 3 GB.

When it comes to recharging for the phone packages, in general, you can make the VI recharge online in either way you want. Still, online payment portals like Paytm, Free Recharge, and many others are very popular and safe nowadays but among the most prominent ones is Airtel Payments Bank, which provides you significant coupons for discounts and various offers that could be used at the time of next VI prepaid recharge and VI bill payment for the package.

Airtel Payment Bank will give you significant benefits with the recharge that you can use at the time of your next payment with full safety.

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