A home loan helps you purchase your dream home along and offers you great tax benefits. But you can’t deny the fact that it impacts your future as well as present finances. This is why you should pay off the loan ASAP by managing related factors such as monthly instalments and repayment tenure. Read below to know how to repay home loan faster:How to Repay Home Loan Faster IndiaHome Loan Balance TransferOne way to pay off your home loan faster is HLBT (Home Loan Balance Transfer), in which you move the outstanding loan amount to another lender that offers a lower interest rate. You should ensure the cost of loan transfer is not high in terms of charges like a loan processing fee.Prepay Your House Loan Whenever PossibleOne easy way to reduce your loan liability is by prepaying a home loan. It will eventually decrease the tenure of your loan. This will also help you a lot on the total interest pay-out.Increase Your Home Loan EMI With TimeSeveral banks offer maximum loan tenure of 30-40 years. During such a long period, your income is expected to increase, especially if you’re a salaried professional or if you’re in a profession where your income is expected to increase with time. You should try increasing your home loan EMI over time. Prepaying your house loan through higher EMI will surely decrease your outstanding loan amount.Go for House Loan Tenure as Short as PossibleYou should go for loan tenure as short as possible so that you can repay your home loan quickly. You need to remember that it will require you to shell out a higher repayment amount since home loan EMIs are directly impacted by tenure. The longer the tenure, the lower the EMI, and vice versa. You should pick the loan tenure based on your financial condition so that you can easily pay the EMIs without affecting other financial goals as well as your lifestyle.I hope now you know how to repay home loan quickly!
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How to repay home loan faster?
Priya S.
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September 6, 2021
2021-09-06T19:04:49+00:00 2021-09-07T18:25:10+00:00Comment
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Home Loan
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