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A home loan is a long-term financial obligation that requires you to be consistent with your repayment. Your EMIs are based on the interest rate and type of home loan you’ve opted for apart from the total loan amount. You should know that while home loan interest rates change every now and then, it is your responsibility to figure out whether you’re getting the best value for your money. If you aren’t, it might be time to refinance your loan. You can do this by opting for the home loan balance transfer feature with another lender that offers a better, more suitable interest rate.
To better understand why a home loan transfer is the best at reducing home loan payments, look at its advantages below.
You can Reduce your EMIs
While you may have used a home loan EMI calculator before availing your home loan, the continuous EMI payments may start weighing down on your pocket as you age. This is especially hassling when you are aware of other lenders offering better interest rates. A balance transfer to one such lender helps you enjoy a lower interest rate that is charged on your principal amount which automatically results in lower EMIs. Not only is this easier on your pocket, it also helps you save on interest expenses significantly.
You can Reduce your Tenor
When the interest rate on your principal amount drops giving you lower or cheaper EMIs, you may be able to choose a shorter tenor. In this case, you can choose to pay EMIs of the same amount as you were paying earlier, but with a shorter tenor, or you can choose to increase your EMIs by an amount that you can afford. With a shorter tenor, you are free from debt faster and your total interest reduces.
Things to Keep in Mind when You opt for a Home Loan Balance Transfer
Tenor of your Current Home Loan
Before you think of refinancing your housing loan, consider the current stage of your repayment. Generally, it is advisable to opt for a balance transfer during the first half of your repayment simply because the interest component on your EMIs is larger than the principal component during this time. This means that transferring early, and at a better interest rate, could help you reduce your total interest.
For instance, say you have a house loan of Rs.60 lakh for 240 months at an interest rate of 11% taken in the year 2001. Say you have already paid off EMIs for the first 100 months and plan to refinance the loan in 2019, when you have 140 months left on your tenor at the new rate of 8.85%. Your total savings in this case will be Rs.10.34 lakh.
Top-up Loan Feature
When you refinance your home loan, lenders typically offer you a top up loan. This loan is in addition to your housing loan and the amount you’re offered depends on your housing loan repayment history. Some lenders have the amount capped, for instance, Bajaj Finserv offers a top-up loan up to Rs.50 lakh. This loan has no spending constraints and can be used to meet any financial goal.
The Cost Analysis of Availing the Home Loan Balance Transfer
In an attempt to save money, always consider the cost of refinancing your home loan. While it may offer great benefits, you’re required to pay fees to both, your current lender and new lender in the process. Factor all of these costs in and gauge whether or not this switch is actually going to save you money.
Always bag opportunities that ease your financial obligation, but do so only after thorough research. When you opt for the Bajaj Finserv Home Loan Balance Transfer, not only do you stand a chance to get a more affordable deal, but you also enjoy the luxury of transparency. This means that there are no hidden charges that can stress your finances. Additionally, if you opt for a floating interest rate housing loan when carrying out a balance transfer, you enjoy zero part-prepayment and foreclosure charges. To avail of this feature and all its benefits, check your pre-approved offer to get access to an easy home loan refinancing option.
A Travel Sustainable badge, provides highly coveted information to travellers all over the world looking to make more sustainable travel choices. Booking.com has launched the Travel Sustainable Badge, a first of its kind in the industryNinety-eight per cent of Indian travellers say they want to stay in a sustainable accommodation in the coming year, and with more than 28 million listings on Booking.com, the company sees a huge opportunity to highlight more of the impactful efforts its partners are making to create more sustainable experiences, making it easier for travellers to find a sustainable way to stay.
Booking.com has launched the Travel Sustainable Badge, a first of its kind in the industry | Photo by yousef alfuhigi on Unsplash
With 88 percent of Indian travellers indicating that they would be more likely to choose a specific accommodation that implements sustainable practices, it rewards and encourages providers to take the next steps on their individual sustainability journeys. "Building a truly sustainable travel industry will take time, coordination, and concerted effort," said Marianne Gybels, Director of Sustainability at Booking.com. "However, progress is possible through continued innovation, partner support, and industry collaboration."
"We are recognising the sustainability efforts of a broader range of properties globally in a credible and transparent manner for consumers." Displaying the practices they have in place allows everyone to make a more informed and hopefully more sustainable decision for their next trip, no matter where they want to go. As a result, we've inspired even more of our partners to take the next step toward more sustainable operations."
(Article originally published on IANSlife) (IANS/MBI)
Keywords: travel, sustainable travel, india, travellers, innovation.
South Korean game developer has introduced a new initiative for Battlegrounds Mobile India (BGMI) which will enable a new level of parental control via time limitations and OTP confirmation. The 'Game Responsibly' initiative will also show warning messages along with break reminders, game limits and more. "Every player, below the age of 18, needs to register a parent or a guardian before they start playing for the first time. An OTP will be sent to the registered person's number, post which the minor is allowed to play the game," the company said in a statement.
Some games can get intense and make players lose track of time. However, with timely break-time reminders, the developer has made sure players get the required downtime. These reminders will help them look up from their game and get back to real life, maintaining a healthy game-life balance. In addition, with a strict gameplay limit in place players below 18 years must not indulge in gaming for more than 3 hours per day. This automatically helps them treat gaming as an activity performed in moderation.
The brand has also set an in-game daily spend limit of Rs 7,000 that automatically stops them from overspending and overgaming. Krafton recently announced that it has removed 25 lakh accounts in just over a month to eradicate cheating on Battlegrounds Mobile India (BGMI). Since the last announcement, between October 1 and November 10, Krafton banned 25,19,692 accounts permanently and 7,06,319 temporarily. "The company has cleaned out most of the cheaters in the game, making BGMI a much more fun experience, and will continue to take whatever step is necessary to keep BGMI fair and fun," it claimed. (IANS/ MBI)
Keywords: BGMI, parental control, Battlegrounds Mobile India, Krafton, South Korea
By Vinoda Kumary
The rise in air pollution, coupled with lousy lifestyle habits, is causing a spike in respiratory diseases. According to a Lancet report, the contribution of chronic respiratory diseases in India increased from 4.5 per cent in 1990 to 6.4 per cent in 2016. With respiratory issues on the rise, there is an increased demand for natural solutions to treat such issues. Instead of conventional medicine, people are turning to alternative medical therapies to find cures for ailments.
Common Lung Disorders
Bronchitis is a health condition that causes inflammation in the airways of the lungs. This leads to narrowing of the air pathways and excess mucus causes wheezing, coughing and difficulty breathing. It is a chronic condition that interferes seriously with daily life.
Bronchitis is a health condition that causes inflammation in the airways of the lungs. | Wikimedia Commons
Chronic Obstructive Pulmonary Disease (COPD)
It is a chronic inflammatory lung disease that obstructs the airflow to the lungs. Symptoms of COPD include breathing difficulty, mucus (sputum) production, coughing, and wheezing. It can result from long-term exposure to irritating gases or particulate matter, most often from cigarette smoke. Those affected by COPD are at an increased risk of developing lung cancer, heart disease, and a variety of other conditions.
Symptoms of COPD include breathing difficulty, mucus (sputum) production, coughing, and wheezing. | Pixabay
This is another variation of COPD. Bronchitis causes a similar build-up of mucus that can cause inflammation and coughing. The lungs' airways are constantly inflamed as chronic bronchitis often lasts for months on end. Symptoms of chronic bronchitis include incessant coughing, whistling sounds while breathing, wheezing and a tightening of the chest. It is said that the cure for all ailments is available the natural way. Here are some of the alternative medicine approaches to treat respiratory disorders.
This is another variation of COPD. Bronchitis causes a similar build-up of mucus that can cause inflammation and coughing. | Needpix
Alternative Medicinal Approaches to Treat Respiratory Disorders
Asthma is one of the most common lung diseases. One of the primary causes of asthma is allergies, which often result from the food consumed. It is crucial, therefore, to first prepare a diet that is suitable for an individual. Often, dairy products, meats, and certain nuts can increase the production of mucus. Foods like these must be avoided. Also, antioxidants can prevent damage resulting from chronic obstructive pulmonary disease. Diet is important in this regard, as fruits and vegetables high in Vitamins A, C, and E can improve the condition of COPD patients.
Diet is important in this regard, as fruits and vegetables high in Vitamins A, C, and E can improve the condition of COPD patients. | Photo by Bruna Branco on Unsplash
Yoga and Exercise
Treatment of lung disorders often involves the use of the lungs to promote healthy breathing habits. Exercises like cycling, swimming, yoga etc. that create a need for full capacity breathing are of great importance. Exercising the diaphragm is important and simple activities can go a long way in the treatment of the same. Pranayama, the practice of controlled breathing, is an integral part of alternative treatment for people suffering from respiratory issues. This extensive breathing practice helps to expand the lungs and improve the capacity of the lungs, which helps an individual breathe more freely.
Treatment of lung disorders often involves the use of the lungs to promote healthy breathing habits. | Photo by kike vega on Unsplash
Nasal irrigation systems like JalNeti using a Neti pot can help to rinse the sinuses, which may provide some relief from symptoms of respiratory allergies.
Nasal irrigation systems like JalNeti using a Neti pot can help to rinse the sinuses, which may provide some relief from symptoms of respiratory allergies. | Photo by CDC on Unsplash
The traditional Chinese practice of acupuncture involves inserting thin needles into the skin to stimulate certain parts of the body. According to a study published in the journal Annals of Allergy, Asthma and Immunology, people with allergic rhinitis who were given acupuncture treatments twice a week for eight weeks had fewer symptoms than those administered placebo.
People with allergic rhinitis who were given acupuncture treatments twice a week for eight weeks had fewer symptoms than those administered placebo. | Photo by Katherine Hanlon on Unsplash
It is important to remember that no one complementary or alternative therapy works well for everyone with respiratory issues. Therefore, a proper assessment is done before deciding on the approach to the treatment plan. For those considering alternative medicine for their respiratory problems, it is recommended to speak to an expert first and discuss the approach that may work best.
(Article originally published on IANSlife) (IANS/ MBI)
Keywords: Yoga, exercise, Nasal Irrigation, Diet, Chronic Bronchitis, Respiratory Issues