Tips To Manage Your Monthly Instalments During Coronavirus Crisis - Loan Trivia


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Thursday 21 July 2022

Tips To Manage Your Monthly Instalments During Coronavirus Crisis

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Home loan in India has become a popular financial choice among majority of the population. The robust demand can be attributed to the availability of substantial loan amounts at affordable interest rates. Nominal interest rate further results in affordable EMI pay-outs, making the borrowing permissive.

However, the coronavirus crisis and its adverse impact on the economy have significantly disrupted the regular payment of the monthly instalments among borrowers. 

Know the tips to manage your monthly instalments during coronavirus crisis

Here are the tips that will help one manage EMI amount effectively:

  1. Expand loan repayment tenor: Borrowers have the flexibility to extend the home loan tenor if they are finding it difficult to make EMI payments of the loan amount. Borrowers can ask the lender to increase the tenor, subsequently bringing down the EMI burden.

  2. Home loan balance transfer: This is one of the effective ways to manage home loan EMI. Borrowers can refinance the outstanding loan amount with a new lender offering the lowest home loan interest rate and comfortably pay off the existing home loan amount. 

Furthermore, borrowers must use a home loan EMI calculator to compute EMI beforehand and plan the repayment schedule accordingly.

Besides knowing tips to manage monthly instalments, borrowers should also know how to apply for home loan to make the borrowing profitable.

In conclusion, opting for a home loan in India has become easier with the low-interest rate regime. However, borrowers will have to focus on how to manage monthly instalments as it affects one credit score and creditworthiness. 

Must Read: Consider These Tips to Enjoy Home Loan Benefits

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