Home Loan EMI: It is the dream of every person to have his own house. To fulfil this dream, people take loans from the bank.
Home Loan Tips: In order to curb inflation in the last few months, the Reserve Bank has continuously increased its interest rates. Due to the monetary tightening of RBI, the burden of EMI on the customers is increasing.
But if you want to get rid of the hassle of a home loan before retirement, then you can repay the home loan before retirement by following some easy tips. Let's know about these tips.
Many times, due to the fear of increasing EMI, customers increase the tenure of their loans. You should avoid doing this because it can get you trapped in a debt trap. You can increase the EMI every month to repay people quickly.
For this, you can talk to your bank. With this, the bank will increase your EMI and your loan tenure will automatically reduce.
Along with this, you can also transfer the amount of your existing loan to repay the loan. With this, you can repay your loan before retirement.
You can also make a partial payment to repay the loan before retirement. With this, half of your amount will be repaid and you can pay the rest through EMI.
