Home Loan: Today home loans play an important role in fulfilling the dream of owning a house. Due to easy availability and long repayment periods, the number of home loan takers is continuously increasing. Home loan not only helps in getting your own house but also provides tax benefits. However, it also affects the current and future financial condition of a person. Therefore, everyone suggests that the home loan should be repaid as soon as possible.
One way to repay your home loan early is to transfer your home loan balance. Loan transfer means that you can transfer your outstanding loan amount to another bank that charges lower interest on the home loan. If the interest is reduced, your EMI will be less and you will be able to repay the money soon.
Home loan becomes a headache when its installment is not paid on time. Many times EMI is missed despite having money. When this happens the bank imposes a penalty. This increases the loan amount. To repay the loan quickly, choose the autodebit option. You can set auto debit on the same day the salary comes into your account so that you do not have to pay a penalty for late payment.
As long as the home loan is in progress, avoid taking another loan except in case of emergency. Credit cards and personal loans from other apps can spoil your entire financial plan. Due to this you also miss the EMI of the home loan. The result of this will be an increase in the loan amount.
Try to save and use the extra money you get to make additional home loan payments instead of spending it on unnecessary things. This loan amount will be less and you will not only have to pay less interest but you will also feel relieved from the burden of debt.
You can also get your loan closed early by paying an extra lump sum payment. Lumsum payment means a one-time payment, in which you give a large amount to the bank, this covers your interest and principal amount. Most people use this method.
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