Wondering, “Can I reduce home loan tenure in SBI?” The answer is Yes! Shortening the term of your house loan allows you to save money on interest and gets you closer to financial freedom. But let us learn how to do this.
How to Reduce Home Loan Tenure in SBI?
Step-up EMIs: With the step-up EMI feature, you can increase your EMI amount monthly throughout the loan duration. Apply to the lender for a modification, and once approved, the new EMI will be debited from your bank account. Most lenders support this plan, which benefits salaried home borrowers by incorporating part payments.
Part-payment: Often overlooked in home loan agreements, part-payments reduce the principal, allowing for shorter tenure or lower EMIs. This effectively eases the loan burden. Unlike EMIs, which include interest, part payments directly reduce the principal.
I hope this helps you understand how to reduce tenure of home loan in SBI.
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How to Increase Home Loan EMI in SBI: Tips and Process
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How to Reduce SBI Home Loan Tenure?
Suchitra
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2021-12-23T10:00:32+00:00 2024-08-01T11:22:19+00:00Comment
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