6
Smart Ways To Prepay Home Loans
Here are our 6 ways to prepay your Home Loan.
It is a place where one spends their most of the time.
Everyone wants to have a house of their own without any problems.
Taking a home loan can create a problem if we don’t pay on time.
Loan That Allows Part Payments
Home Loan? The loan you take is dependent on your current affordability which will increase with time.
You will be able to repay more and clear it before the set tenure.
Check the terms & conditions of your loan by the bank.
Your EMI amount as your Salary
Adjust the loan EMI as per your salary & the decided percentage. In fact, decide on a % of your salary to direct towards home loan repayment.
Prepaying even smaller portions of the loan can save you considerable amount.
This will reduce the tenure and rate of interest.
Targeted Investments
Plan your investment with specific goals. So, make sure to clear your home loan.
Determine the returns you would get & time period of investment
SIP Investments SIP is a way of investing a fixed amount of money is in a pre-defined mutual fund scheme at a fixed interval. You decide the amount, the SIP date and the schemes in which you wish to invest.
With SIP, one can stay invested for a longer period of time. Over time as your investment generates returns, the returns get added to the amount and this in turn generates more returns.
The frequency of investment is usually weekly, monthly or quarterly.
Direct your Extra Incomes
Any extra money that you receive in the year can be directed towards your prepayment.
Paying faster will reduce your debt.
This extra income can also be directed towards, clearing your home loan.
Avoid Missing loan Missing a loan payment will call for a penalty along with the loan EMI & interest.
Prepaying your home loan will not only relieve you from a major financial burden, but it will also give you space to plan for other financial.
If you miss your payment it will also reflect on your credit score.
When you begin planning for a home loan You can get both your personal Home Loan and business credit score by applying directly on the link mentioned below :
https://cir.crifhighmark.com
Follow CRIF India on :
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