Home Loan: Buying your own home is everyone’s dream. For this, people work hard and save and also take the help of home loan. But many times it is seen that it is very easy to take a home loan but it becomes very difficult to repay it and many times people spend a large part of their life in repaying the home loan. Today in this article we are going to tell you about four effective ways to repay home loan quickly.
Ways to repay home loan quickly
pre-payment
Prepayment is an effective way to repay the loan early. In this, you should pay some part of your loan amount from time to time. Its advantage is that you will have to pay minimum interest and the loan will also be repaid quickly. You can use bonus or extra income for pre-payment.
Increase EMI over time
If you want to repay the loan quickly then increasing the home loan EMI can be a good option. As your income increases, you should keep increasing the EMI. With this you will have to pay less interest and the loan will also be repaid soon.
take a short term loan
Home loan should be taken for minimum tenure. Its advantage is that the shorter the period for which you will take the home loan. The less interest you will have to pay. But before taking any loan, you should make a complete account of your expenses and savings, otherwise you may have to face difficulties in paying the EMI.
Transfer Home Loan Balance
You should choose the home loan with the lowest interest rate. If you feel that the existing bank is charging you more interest on home loan than others, then you should get your home loan transferred. With this you will be able to repay more principal.
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