Tips to Make Prepayment of Home Loans a Lot Easier
Buying a
home is the momentous occasion in any individual’s life. But, the home requires
a lot of hard-earned money and proper financial planning from the very start of
one’s career. Some can save a wholesome amount of money to pay the full amount
of money in one go only, whereas many are there who find it tough to keep a lot
and have to live in a rented house. Thanks to the variety of home loans in Delhi
offered by banks and NBFCs that the people belonging to the latter category can
now live in their own house. They can buy a home on credit and pay the amount
in small chunks, that is, EMIs. A decade ago, the repayment of the loan was a
tedious job, but it is now a trouble-free and straightforward process. However,
prepayment of house
construction loan is still a problem for many people, especially when huge
is the loan amount.
It is a
widely known myth that loan prepayment can actually hinder the cash flow of
borrower and may even burn a big hole in his pocket. This eventually throws
many borrowers or to-be borrowers into the dilemma of whether one should also
think of paying a little more than a fixed EMI in order to keep the interest
rate low for home loans in Delhi. Well, a large number of certified loan
experts have debunked this myth and proved that a wise approach and better
planning could make the prepayment of loans easier and more
straightforward. For instance,
incentives and bonuses can be used to prepay one or two installments without
losing any part from the monthly salary. Even the statistics have now suggested
that nearly 65% of home loans having the tenure of 20 or 25 years can be repaid
in as less than nine years.
But, how to
prepay low-interest home loans in Delhi with ease? Well, here we have
enumerated some of the best-recommended ways to pay back your home loan:
1. Begin prepaying with a small amount.
Steadily, keep on increasing this at a rate of 10%.
2. Fix the amount that you would be paying
every year without reducing EMIs. And, do stick to it.
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