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We’re surrounded by information, content and news. Everywhere, all the time. The human mind can only meaningfully absorb a handful of new facts about the world. mymoneykarma’s insights team selects just the bits of news from the finance world that you should know about, things that you can actually do something about right now. Subscribe to our channel so you don’t miss out on our daily updates.

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This channel is dedicated to simplifying the concepts and best practices of Personal Finance through explainers, FAQs, tips, and educational material. We empower viewers to each become a paragon of Intelligent Finance.

Founded by a group of Stanford alumni with a strong background in banking and technology, MyMoneyKarma has been revolutionizing the Indian Fintech sector and ushering in the future of personal finance. Committed to a social mission of creating a measurable impact on people’s lives, MyMoneyKarma has empowered millions of people to reclaim control over their finances by addressing the 3 biggest issues and barriers in the sector:

Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done
Low information transparency means it can be difficult to know the best interest rates for each customer’s unique profile, the financial providers that offer the best terms, and how to maximize one’s chances of being approved (where a rejection further worsens the credit score)
High effort and hassle means one is too hard-pressed to shop around, try multiple options and find the best fit, instead ending up with sub-optimal decisions and a whole lot of wasted time and sweat

MyMoneyKarma’s fully online loan optimization technology helps customers with an extensive range of financial products, delivering the lowest interest rates and comprehensive service at the touch of a button.

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Did you know that with a few simple details and the click of a button you could save lakhs on your home loan emis? Before we get to that, let’s take a look at how your EMI is calculated in the first place.
There are three main factors here - the principal amount, interest rate, and tenure.
The principal is going to stay the same, of course, unless you decide to buy a smaller house or pay more as a down payment. So the two variable factors remain interest and tenure. Needless to say, lower interest rates are always good to have, whereas dealing with tenure is a bit more tricky. The longer the tenure, the lower your emis would be, but you would end up paying a lot more interest in total. So if you do opt for a longer tenure to get a more manageable EMI, make sure that you make part payments on the loan whenever you have any extra income in-hand.
This also goes to show that, at the end of the day, the best way to sustainably reduce your EMIs is to get the lowest interest rate possible, be it with a new loan, or refinancing an already existing one.
Ways to do this include building good credit, keeping an eye out for when market rates drop, shopping around for the best bank offers, and getting a personalized deal based on your profile.
But isn’t that a lot of effort - going around looking for the best offer out there considering all these parameters? Well, not with mymoneykarma. By just signing up on the mymoneykarma website, you get immediate access to a package solution that covers all of these factors, to ensure you get the cheapest home loan in the market. Mymoneykarma will repair your credit, compare lenders, identify the perfect fit for you, drive down costs, and also provide dedicated personnel to oversee the entire process, right till disbursement. Are you planning to get a new home loan or reduce EMIs on an existing one? You can get started right away by following the link below.