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How to Pay Off Your Home Loan Faster? Here Are Few Tips
Useful tips on how to pay off a home loan faster
Home loans are long-term debts that extend from 2 years up to 30 years based on lender terms
and conditions. However,
living life in debt doesn’t really seem healthy as the principal home loan amount could
increase on a long tenor with
the home loan interest rate doubling or sometimes exceeding the
principal home loan amount.
Now, the only way to get yourself off the stress of such liability is to pay your home loan
faster. If you can learn
some good financial habits and do great planning too, you would clear your home loan
So, if you have recently applied for a home loan or you are planning to apply for a
home loan and you are therefore
thinking about the best way to repay your home loan faster, read on. This article offers
great advice on the topic.
For people planning to apply for a home loan, below are useful tips on how to pay off a
home loan faster in India:
It is very important to carefully study the market before applying for a home loan.
Without a rush, review the available
banks and financial services to know about their interest rate and be sure to pick a
lender with a low interest rate as
this would avail you the opportunity to have affordable equated monthly instalments
(EMIs). With this, you would be able
to clear your home loan faster.
Essentially, when planning to choose a home loan lender, be careful to choose financial
services that allow you to pay
more frequently even after the equated monthly instalments. We suggest this because
interest on home loans is calculated
daily, so making payments more frequently will reduce the interest which you will be
paying over your loan tenor.
Consequently, you would repay your home loan faster.
Before taking a home loan, be sure to understand your financial ability and do not go
beyond it to save yourself the
burden of accumulating interest on a home loan. This would make your home loan repayment
process easier. Getting a
realistic idea of your repayment capacity is a mandate.
One of the best ways to repay a home loan faster is by selecting a short home loan
tenor. Although you would pay a
higher home loan EMI, the interest amount will be lower compared to a long home loan
tenor. This will inevitably save
you the stress of a piling debt amount. Apart from settling your debt in a short
duration, it would also boost your
credit score and allow you to easily borrow another home loan type when the need arises.
Save enough money to make a sizeable down payment, to make your life easier. Making a
down payment instantly lowers your
principal amount and significantly reduces your debt. This can be done by paying some
percentage of the loan amount, say
Generally, the below points will teach you how to pay a home loan quickly:
Other important tips that could help to pay off a home loan faster in India are highlighted below:
One of the best decisions you can take is to apply for a Bajaj Housing Finance Home Loan. We offer the best home loan
rates in India and give our customers amazing options that enable them to repay their home loans with ease.
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