Tips to Manage Your Home Loan EMIs Effectively

Of all the stress an individual carries, home loan EMI takes the center stage. For a salaried person repaying the home loan EMI is a big task because it involves so much of planning until the last installment. Managing your other expenses along with saving requires smart planning. If you are under immense pressure of handling Equal Monthly Installments and overhead expenses, then here are few smart planning tips-

Pay Higher EMI if Possible-

The interest rate and EMI for the home loan depends on your income rate and number of tenure you have selected for the repayment. By paying slight high EMIs on monthly basis, you can shave off good number of months. This will also help in bringing down the number of EMI tenure you decided.

Using EMI Calculator-

Today, every bank, and online finance institute offer the online housing loan EMI calculator using which you can calculate the EMI you will need to pay every month until the decided tenure. Moreover, this will also help you to manage funds monthly basis.

Go for Partial Pre-Payment-

Longer the pre-pay you take for the loan amount, more interest you are charged. So going for partial pre-payment is speedy way to lower the loan tenure. In fact, many banks do not charge fees for the partial pre-payment facility.

Make sure you are eligible for the housing loan, if yes, then only go ahead for the same.

Read Also: Smart Ways to Manage Home Loan EMI in a Better Manner