Here you can Know How You Can Repay Your Home Loan EMIs - Loan Trivia

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Wednesday 29 September 2021

Here you can Know How You Can Repay Your Home Loan EMIs

home loan EMI

 Taking a home loan helps you to fulfil your long-craved wish of having your dream house. But a housing loan comes with the payment of home loan EMIs. 

Since a housing loan comes with a longer tenor, home loan EMIs affect your outlays for longer. But, what are ways to repay home loan EMIs faster? 

Read on and know more! 

  1. Pay off your home loan over a small tenor 

A small tenor may increase your home loan EMI amount, but it means clearing your debts faster. What’s more, you also end up saving on your home loan interest charges. You can use a home loan EMI calculator and know an exact payable amount. 

  1. Make prepayments 

If you cannot increase your home loan EMI amount drastically over a smaller tenor, you should start making prepayments. This way, your loan amount will reduce, so will your home loan in India EMIs. But, before you decide to prepay your home loan in India, you also need to check out the prepayment charges of your lender. If it is more than your estimated savings, you should negotiate with your lender to readjust your home loan. This way, you can pay the lower home loan EMIs.   

  1. Opt for a home loan balance transfer

One of the significant ways to reduce your home loan EMIs and save huge interest charges is to switch your current housing loan account. You can do that under the home loan balance transfer facility. Under this, a borrower transfers a current home loan account to another lender offering a lower interest rate. With a change in the home loan rate, it is also possible to pay the lower home loan EMIs. A home loan transfer also means availing of a higher value top up loan. You can use the loan amount to cover any needs as per your needs without restrictions. 

Taking into account these handy tips can help you to reduce your home loan EMI amount with ease. 

Read More: These 5 Tips Will Help You To Reduce Your Home Loan EMIs

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