Many borrowers are unaware of ways to manage their active or upcoming home loans in India.
Let’s discuss a few handy ways to manage your home loan in India in this quick post!
Pay higher EMIs
One of the best ways to manage your home loan in India is to pay increased EMIs. Yes, your outlays will be impacted owing to a higher EMI amount. But you will also end up saving considerably on the housing loan interest rate in India.
Make a higher down payment
Generally, your lender wants you to pay a down payment of up to 15-25%. But, if you can make more down payments, you will be able to reduce your home loan amount fast. Also, a lower amount means that your interest charges will also reduce. In turn, it will help you pay a lower EMI.
Go for a home loan balance transfer
Another way to manage your home loan in India is to switch your home loan to another lender offering a better and lower rate. It is done under the process of the housing loan balance transfer. It will help you to save on your housing loan interest rate in India. But, if the home loan transfer is more than your savings, you should continue with your lender. Availing of a home loan balance transfer can also help you to pocket a high value top up loan. A top up loan amount could be used to pay for any legal, financial needs as per your needs.
If you are able to implement these easier ways, you will be able to manage to repay your home loan in India with much ease.
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