Start-to-Finish Housing Loan Tips to Manage Finances


With an efficient financial plan in place, your Home Loan experience can be both affordable and convenient. Apart from availing schemes like the Pradhan Mantri Awas Yojana to save on interest, you can also avail Home Loans from top lenders such as Bajaj Finserv. Bajaj Finserv’s Home Loan offers to fund up to Rs.3.5 crore at nominal interest rates, Flexi Hybrid facilities, and customized insurance schemes. This helps make your loan-borrowing experience more comfortable and relaxed. Additionally, you can take simple measures to ensure you are managing your Housing Loan efficiently.

Housing Loan Tips

Housing Loan Tips
Housing Loan Tips

Look at the 3 most important measures that are bound to make a significant difference to your Home Loan management.

Make the Right Loan Choices

To start your loan planning, first decide on the amount that you will need to make your home purchase. A good rule of thumb is to first check the amount you are eligible for and then look for a home within that budget. Additionally, you will also have to decide whether you want to take a Housing Loan on a floating rate of interest or fixed rate of interest. Floating rate of interest can fluctuate based on the market while a fixed rate of interest remains constant. If you have already availed a Home Loan that is turning out to be an expensive affair, you can choose to transfer your loan to a better lender with lower interest rates and added benefits.

Choose a lender that offers Housing Loan schemes up to Rs.3.5 crore at nominal Home Loan rates. You can also choose to transfer your Home Loan balance with minimal documentation and easy procedures.

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Select the Right Tenor

In order to ensure that your loan repayment is easy and comfortable, choosing the right tenor is essential. Use a Housing Loan EMI calculator to experiment with different tenors and choose one that gives you easy EMIs that do not strain your monthly income. Choosing higher EMIs can help you get debt-free faster and cut down on interest payments. However, it is essential you choose such EMIs only if you are financially stable enough to do so.

Use Flexi Hybrid Facilities

In order to be able to plan your repayment after availing a Home Loan, you can choose a Home Loan that offers Flexi Hybrid facilities. One such loan is the Housing Loan from Bajaj Finserv. With this facility, you can pay interest-only EMIs for up to 4 years while planning your repayment and be gathering the funds for the same. This gives you enough time to land a promotion, get a better paying job or even grow in your career. All this increases you income, and then you can pay full EMIs without facing any financial strain.

Additionally, you can choose to avail Home Loans under the Pradhan Mantri Awas Yojana for subsidy on your Housing Loan rates. This will make your home purchase more affordable.