How to make repaying home loans easier?
by Finway FSC Empowering People FinanciallyDreaming
is an essential part of being human. When we are kids, we aspire to become like
our heroes. When we grow up, those dreams start to change into more practical
ones though. We start focusing more on practical things, like acquiring one’s
own vehicle, equipment and most importantly – a house! Living in rented
accommodation can be very taxing. The continuous struggle of having to shift
places is just too much – not to mention the rent keeps increasing every year
as well. As soon as you grow used to living in a place, you are told by your
landlord that you have to vacate the premises for one reason or the other.
Eventually, you end up craving for a place that can be yours and yours only,
where you wouldn’t have to worry about moving or paying rent. Where you relax
and enjoy your life the way you want, without having to worry about unnecessary
restrictions.
This
is why many people these days are opting for home loan in Delhi, so as to have
a place to call their own. The reason for taking loans is that given the
current state of the world, especially for middle class families, it is
impossible to sustain the standard of living of the 21st century
while also saving substantial money. The cost of the property is also
increasing with every passing day. Therefore low interest home loans are by far
the best way of accomplishing your lifelong goals.
But
taking a loan is something that should be done very responsibly, because it is
one of those decisions that have the power to change the course of your entire
life. Therefore, you need to be extra careful while taking loans, whether
you’re going for regular banks or NBFCs (Non Banking Financial Companies). Repaying
home loan through Equated Monthly Installments (EMIs) is never an easy task,
regardless of whether you’re taking loan against property or going for low
interest home loans. Therefore, there are certain things that you should keep
in mind before you decide to borrow a home
loan in Delhi.
Longer tenure is better than the
shorter tenure:
People often tend to go for the shorter tenure for the repayment of home loans,
because they want to get rid of the loan as fast as possible. But financial
decisions should never be made based on impulsive behavior. The math is quite
simple actually: the shorter the duration of repayment, the higher will be the
monthly EMI. This might become a problem for you in the future if an unforeseen
financial expenditure arises out of nowhere. Therefore you need to go for
longer tenure with low EMI. Any excess money that you save can be invested to
create more money for you in the future.
Become a cautious spender: Now that you have a loan to repay, you
need to spend your money very cautiously so that you don’t end up becoming a
defaulter – because if you do, you’ll have to pay extra charges for that as
well besides your monthly EMI.
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Created on May 27th 2020 03:50. Viewed 300 times.