Home Loan Tips: The burden of home loan will come down quickly, these three ways will help...
Home Loan: Almost everyone dreams of owning their own home and a home loan fulfills this dream. Although you take a home loan. You have to pay EMI every month to repay this loan. The EMI of the loan has increased due to the increase in the repo rate from the Reserve Bank of India (RBI). This is the reason why people have to pay more money than before, due to which their monthly budget is also deteriorating. Today we are giving you information about some methods. With the help of this you can pay off your home loan very quickly, so let's know about it.
Part-payment at least once a year
You should make a part-payment of your home loan at least once a year. If you pay 20 percent to 25 percent of your home loan. This will drastically reduce the EMI of your loan. Not only that, in addition, you have your payment deadline. This too can be reduced. The borrower can make the payment once a year or the borrower can pay the money as and when it comes due.
Higher Home Loan EMI
Bank gives you 2 options when giving a home loan. You can reduce EMI. This gives you more time to repay the loan. There, which is the second option. In this option, you can pay a higher EMI every month. With which you can repay the loan in less time. Also the borrower. EMI can be increased by 10% every year.
Low Tenure Payment Option
If you have taken a home loan, then you can choose the option of repaying the home loan in a shorter tenure. However, if you opt for the shorter tenure payment option, then you will have to pay a higher EMI, but you will end up paying less interest on the loan. You will be able to pay off your loan very quickly with these methods.
What if you miss the EMI
If you delay paying your home loan EMIs on the loan you have taken, then you may have to pay a penalty. Along with this, your credit score can also be reduced. Not only this, but you can also claim tax exemption on the home loan.