How to Reduce Your Home Loan Repayment

28-Sep-2022

There are a few simple ways to reduce your home loan repayment and save money each month. By refinancing your loan, or by transferring your balance to a new lender, you could see a significant monthly savings. Test My Loan can help you find the best loan for your needs, and can provide you with a top-up loan on your current home loan without any increase in your current EMI.

The Benefits of Balance Transferring Your Home Loan

Transferring your home loan to a new lender could save you money each month, as well as help you pay off your loan faster. By taking advantage of a balance transfer offer, you could enjoy a lower interest rate, no fees, and flexible repayment options. Test My Loan can help you find the best balance transfer offer for your needs.

If you're looking to save money on your home loan, Test My Loan can help. We offer the option to reduce the tenure of your existing home loan or take a top-up on your current home loan. This way, you can make additional interest payments and save on your overall EMIs. Plus, our Top Up Loans come with the lowest rate of interest from the top banks and NBFC lenders, so you can maximize your savings. So why wait? visit www.TestMyLoan.ai today and start saving!

How to Get a Top-Up Loan on Your Current Home Loan

If you're looking to reduce your home loan repayment, a top-up loan on your current home loan could be the way to go. Test My Loan can help you get the best rate on a top-up loan, as well as offer flexible repayment options. You can use this amount to consolidate your debts under a single EMI payment.

Pay more expensive loans first

At the time of Balance Transfer, depending on your credit history, the new lender can offer you a top-up loan to the tune of the home loan you've already repaid. You can use these funds to close more expensive loans like credit cards outstanding or personal loans. When shifting to a lower interest rates, even with a Top-Up Loan , you can maintain your original EMIs and tenure of loan.

Want to check your current home loan top-up loan eligibility and reduce your monthly EMI expenses? Visit  www.TestMyLoan.ai and see an instant report on how much more you can borrow.

Your credit score is one of the most important determinants of your financial health. A high credit score will get you loans at lower interest rates from banks, while a low credit score will lead to you paying more for loans. Improving your credit score may not be easy, but it is definitely worth the effort.

The first step is to regularly check your credit report for any errors or incorrect information. Sometimes loans that you have not even taken can show up on your credit report and drag down your score. So it is important to check your report regularly and get any errors corrected.

The second step is to pay all outstanding bills on time. This will show banks that you are a responsible borrower and are capable of repaying your debts on time. Make sure to pay all your credit card bills and other loan payments on time to improve your credit score.

The third step is to keep your credit utilization below 30% of your available credit limit. If you have multiple cards, try not to use more than 30% of the total limit on all cards put together. This will demonstrate to banks that you are not over-leveraged and can handle additional borrowing.

The fourth and final step is to plan your borrowings carefully. Don’t overspend beyond your means and make sure you can afford to repay any new loans you take on. Falling behind on payments will only hurt your credit score further, so it is best to avoid such situations altogether.

Follow these four steps and you will see an improvement in your credit score over time. It may not happen overnight, but with patience and planning, you can definitely achieve a high credit score.