Quickly eliminate the burden of home loan by adopting these 3 methods, you will get freedom from the hassle of paying EMI

Home Loan Repayment Tips: Home loan fulfills the dream of owning a home. However, you have to pay EMI every month to repay the loan. The EMI of the loan has increased due to the increase in the repo rate by the Reserve Bank. Due to this people have to pay more money than before, which is affecting the monthly budget of the people. Here are some of the ways in which you can pay off your home loan at the earliest.

Part payment at least once a year

If you have taken a home loan, then you should make part payment at least once in a year. Repayment of 20 to 25 per cent of the home loan will reduce your loan EMI significantly. Apart from this, if you want, you can also reduce the time period for paying it. Borrowers can pay the money once a year or as and when the money comes to them.

Higher Home Loan EMI

Banks give you two options when you take a home loan. You can repay the loan for a longer period by paying lower EMIs. On the other hand, in the second option, you can repay the loan in less time by paying more EMI every month. Borrowers can increase the EMI by 10 percent every year.

Low Tenure Payment Option

Borrowers can choose to repay the home loan in a shorter tenure. Although you will have to pay higher EMI for this, you will have to pay less interest on the loan. If you adopt these methods then your loan will be repaid quickly.

What if I miss the EMI?

If you delay in paying any EMI of the home loan, you may have to pay a penalty. Also, your credit score can also be reduced. You can also claim tax exemption on the whole loan.

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