Cybercriminals or hackers can go to deep lengths to steal your data. Most of the transactions today happen over the Internet at the websites. Internet transactions, online shopping, and purchases are making the world more connected virtually pose a significant threat as we expose our data to cybercriminals or hackers. But do you know what they do with these credit credentials? Data theft is mostly financially driven. The credit card leaked data gets sold over the dark web to the highest bidder, or a loan gets transact under your name. But how do they manage to get these credentials after deep security? Let us look at the ways the hackers try to gain access to your data. 

• Malware: 

Various types of Malware software that can get used to steal your personal information, which includes keyloggers, info stealers, banking malware, and more. This software maliciously gets installed in the background in the system. The virus, trojans, or spyware steal the credential data or modify the core functionalities and privately track the victim’s activity. There are also mobile applications that are malicious and can steal data from your mobile. The malicious application can get installed to get account access, device information, Microphone access, screen recording, contact lists, and many others. But how can you take preventive measures to stay safe from these? Always check the genuine application and read the terms and conditions carefully. Do not give any unnecessary permissions that are not required, Check for reviews and the count of downloads, never download applications from third-party apps or pirated versions. 

• Phishing Attack: 

Phishing is a fake email or calls to misguide the victim. Hackers create phishing emails by the message stating issues related to bank account credit card leaked details getting leaked, and mostly these emails are such that it appears to be from the genuine source or known organization. These emails will force the victim to take immediate action by clicking the links to activate or deactivate your ATM card or Personal Identification. 

• Unsecured Connections: 

Connecting your device over the foreign or Public network makes your device potential to get into the hacker’s notice. These networks can create a roadmap for a hacker to get access to all the data in your mobile and monitor your activity online. Free Wi-Fi is threatening, especially when you carry out any online transaction or browse private conversations. To be safe, never get connected to these networks that you can’t trust and use strong encryption for your home router such as WAP2 instead of open WEP. Read more to find out more about Singapore’s Credit Bureau Report online.

By paying higher loan EMIs, a person can reduce the loan tenure and repay the loan faster. In this article, we will explain the benefits of paying higher EMIs.

In India, many financial institutions provide home loans at a competitive interest rate. Applying for a loan is the most feasible way to get funds for buying the house, and most people get a loan up to 80% of the property’s value. If you are a first-time loan applicant, you must know that the loan’s EMI is directly proportional to the amount you borrow; the higher the amount, the higher the EMI, and vice-versa. 

While you can apply for a higher loan and pay a higher EMI throughout the term, or you can increase the tenure to lower the EMI and make repayment more affordable. Typically, the lenders in India offer home loans for a maximum duration of 30 years. But, longer tenure means you must bear the repayment burden for a longer period. 

During the initial years, while you may pay the minimum EMIs, as you grow in your career and your income increases, you can consider paying higher EMIs. This will not only help you reduce your interest payment but also help you repay the loan faster. 

Benefits of Repaying Higher Home Loan EMIs

• Helps in Reducing Interest Expenses

This is one of the most important benefits of repaying higher EMIs. If you repay the loan over a longer tenure, then you must pay interest during that term. However, by increasing the EMI, you can lower the loan tenure. Therefore, the interest payable will also reduce. So, as your income increases, you can increase the EMI payment proportionately to repay the loan faster. 

You can use a housing loan EMI calculator to calculate how increasing the EMI can help you lower your loan term. 

• Tax Benefits

Home loan repayments also provide tax benefits. The tax benefits are available under Section 24, Section 80EEA, and Section 80C. The benefit can be availed on repayment of the interest and principal.

On the principal’s repayment, a home loan borrower can avail a tax benefit up to Rs. 1.5 Lakh under Section 80C. Furthermore, on the interest payment, a person can get a tax benefit up to Rs. Two Lakhs under Section 24. By paying higher EMIs, you can maximise the tax benefits and reduce your tax liability in a financial year. 

• Helps in Quick Repayment of the Loan

Most borrowers repay the loan in longer tenure. However, as you continue to repay the loan over a long duration, you may not have enough savings, and you may have to compromise on your other financial goals like retirement planning. 

Therefore, it is recommended to pay higher EMIs to save on interest and lower the loan tenure. While you may feel paying higher EMIs is taking away your liquid cash, it would help you save a significant amount in the long run. Not to mention, the faster you repay the loan, the sooner you become debt-free, and you get complete ownership of the property. 

• Helps in Improving Credit Score

When a person repays the loan regularly, his/her credit score improves. Furthermore, if the person repays the loan before the tenure, the credit score improves even more. Also, by repaying the loan before the tenure, a loan borrower will easily get loans in the future.

How to Quickly Repay the Loan

• Make Partial Payments

If a home loan borrower has sufficient funds, then he/she should consider partial payment of the loan. With the help of partial payments, a person can lower his/her outstanding principal amount. 

• Balance Transfer

If a borrower finds that their lender is charging a higher interest than the prevailing market rate, they can transfer the loan to a different lender at a lower interest rate. 

When you transfer the loan, the outstanding amount is moved to the new lender, and you repay the remaining amount at a revised (lower) interest rate. Thus, you can repay the loan faster as the EMI becomes affordable, and you can repay higher EMIs. 

Over the past years, African equity exchange-traded has risen considerably, and being a resource-rich continent increases the middle-class demographic. Africa is becoming one of the largest emerging economies, and it’s being predicted to become the largest market in the world. In recent years Africa indeed did face hits economically as well as politically. And if you wish to know more about this country, then you should check out some of the best African documentaries that explains everything you never thought of Africa. But the prediction of the growth has not been proved to be false due to these factors. And in this article, we will discuss some of the positive indicators that prove that you must invest in Africa.

• Young And Growing Population:

With a population of more than 1 billion and is expected to get doubled up by mid-century. While most of the countries are getting aged and have less potential in the market, on the other hand, Africa is young and has many opportunities left to explore. And according to the expert’s study in investment markets, the global workforce may be shrinking in the future, but in the case of Africa, it is expected to grow and will surpass India and China. Moreover, Africans also have consumers who want all the latest updated tech-gadgets.

• Customers Are Changing:

With the growing economy of Africa, there has been a significant development, and expectations have increased. Education and urban professionals are more aware of the current brands and have become quite selective when it comes to consumption. You can look at best African documentaries such as The Square to know more about how people have the power to change everything.

• The Economy Is Getting Strengthened And Diversified:

In recent years, there has been a considerable growth downfall in exports of oil, but the rest of the product is still growing. Countries are not solely dependent on the oil resources for their economic growth. Typically, smaller economies are progressing towards economic reform and giving competitiveness to others in the market. African countries are driving to diversify beyond commodities.

• Money To Spend And Love For The Major Brands:

African consumers are increasing rapidly and spending trillions of amounts in a year for branded consumption.

• Digital Transformation:

Africa is one of the leading countries to adopt mobile, which offers the biggest cross-sectoral economic opportunities. Most of the companies are using mobile networking and digital technology to maintain their supply chain. Consumers have moved towards digital payment rather than using cash at hand.