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Home Loan becoming expensive: HDFC increased home loan interest rates by 0.25%, EMI's burden will not increase on you in these 3 ways

Home Loan becoming expensive: HDFC increased home loan interest rates by 0.25%, EMI's burden will not increase on you in these 3 ways

RBI has recently increased the repo rate by 0.50%. Due to its increase, banks have started increasing the interest rate of home loan. Taking a loan from HDFC Bank has become expensive from today. The bank has increased the loan interest rates by 0.25%. According to the official site of the bank, now you will have to pay 7.70% annual interest on loans up to Rs 30 lakh. That is, now home loan has become expensive and you have to pay more EMI. Apart from this, other banks are also preparing to increase the interest rate.

The increase in interest rate will not only make new but also the already running loans will become expensive. EMIs of those who have already taken loans can also increase. Increasing EMI amount can spoil the budget of many people's home. If your financial planning is deteriorating due to increase in interest rate, then we are telling you about 3 options today that can save your budget from deteriorating. How expensive it has become

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How much interest and installment will have to be paid on a loan of 20 lakhs

How much interest and installment will have to be paid on the loan of 30 lakhs

You can save your budget from deteriorating in these 3 ways when your EMI increases.

1. Refinene Honor Loan Refinance, ie balance transfer option is adopted when there is a large difference in your loan rate and market rate (0.25–0.50%). Suppose your rate is 7.50% and the market is getting a loan at 7%. In such a situation, balance transfer can be beneficial.

In such a situation, if you have 20 years left of your loan, then there will be a savings of about Rs 7,400 on a loan of every 1 lakh rupees. But the balance transfer will be the right decision only when more than half the loan period is left. Transfer expenses are also there, such as processing fees and modes.

2. Pre-pay, if you have got a lump sum amount from another source, then you can reduce EMI by pre-payment. With the amount of pre-paid amount, the amount taken in the debt is adjusted and if this amount is reduced, then its effect will be seen on EMI. You can pre-pay at least once a year and reduce the principal of the loan.

3. The loan tenor is increased, but this time it happens that due to the EMI of the home loan, the monthly expenses are being affected. In such a situation, if the extra income or savings is not being done, then you can reduce EMI by increasing the loan tenure. But, a loss in it will be that you will have to pay more interest.

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August 9th 2022, 11:37 am
Amitesh Kumar
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