Owning Multiple Home Loans? Know How to Deal Smartly. - Loan Trivia


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Friday 18 June 2021

Owning Multiple Home Loans? Know How to Deal Smartly.

 You may meet or know a few people who have many loans like a home loan and more. They may have a large amount to clear per month in terms of EMIs. 

It means their major part of the income must be going towards debts and may have issues dealing with monthly outlays. 

If you have multiple home loans, credit cards, or a mix of both, you can still deal with them all smartly. Yes, prepayment of home loans is one of the best options. 

Let’s know more as you read on!

  1. Repay loans carrying a higher rate of interest 

With many home loan at your helm, you should focus on repaying the one carrying a higher rate of interest. You should also not leave credit cards and home loans with a longer tenor. They may be coughing up huge interest and must be repaid first. Once done, then you should move to the next loan. It is also a good idea to go for the prepayment of home loans and reduce your burden. 

  1. Increase EMI amount gradually 

With each year, you may also get some increment in your income. You should not use it to spend on desires. Everything should wait, and you should use the increased amount to make way for higher EMIs. If you pay a larger amount than the home loan EMI, you will be able to repay the loan faster and save on interest payments. This can be checked through home loan calculator tool online.

  1. Consolidate your debts 

If you cannot find a way to repay your both home loans or a mix of others, you should try consolidating all debts. This way, all your loans will be paid in one go, and you will have only 1 EMI to manage in a month. The debt consolidation loan facility is available online to apply and get faster approval. 

Considering these aspects can surely help you deal with your multiple home loans prudently. 

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