We all dream of home. Hence, most of us start saving much earlier to buy our dream homes. However, many times our savings fall short when buying a house. In such a situation, we are forced to resort to home loans. After taking a home loan, we have to pay a fixed amount of EMI every month to the bank. Paying the EMI of the home loan every month, many times the budget of people's homes also gets spoiled. In such a situation, people think of settling it as soon as possible. If you also want to pay your home loan EMI as soon as possible. In such a situation, this news is especially for you. Today we are going to tell you about the brilliant ways, with the help of which you can pay your home loan EMI before the due date. Let's know -
You can pay off your home loan early by paying one more installment every year. Suppose you deposit 12 installments of a home loan in a year. On the other hand, if you deposit 13 installments every year by increasing one installment. In this case, you will repay your home loan of 20 years in just 17 years.
There is another great way you can adopt to repay the home loan early. For this, you will have to increase your home loan installment by 5 percent after talking to your bank. By doing this, you will be able to repay your home loan before the due date.
You can also repay your home loan ahead of schedule by doing a balance transfer. For this, you need to transfer your outstanding loan amount to another bank or lending institution, which is charging a lower interest rate on the loan.
Apart from this, there is another great way to repay the home loan early. In this, you will have to increase your home loan EMI amount over time.
(PC: Freepik)
