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Tips for Paying Your Home Loan Faster.pptx
- 1. Tips for PayingYour Home Loan Faster
- 2. Introduction Buying a houseis one of the biggest financial decisions a person makes. As it is a costly purchase, most people seek financial assistance to fulfil their dream of owning a home. While a home loan is a smart way to buy a home without straining your finances, it is vital to meticulously plan your home loan in terms of repayment and financial management. So, if you are planning to apply for a home loan, be sure to repay the loan at the earliest. The upcoming slides will talk about some tips to help you repay the home loan faster without affecting your budget.
- 3. Consider Making aMajor Down Payment Plan your home loan in a way that your down payment is on the higher side. It is wise to pay 25 to 30 % of the total loan amount in advance as a down payment. It will lower the principal amount and your debt obligation. The amount you spend on the interest rate and overall repayment will be lesser and easier to pay.
- 4. Go for ShortLoan Tenure One of the best ways to repay the home loan amount faster is by choosing a short tenure. While you will have to pay relatively high EMIs within a short term, it will settle your debt in a short duration. When planning to apply for a home loan in India, choose a short tenure.
- 5. Select Low-Interest HomeLoan It is vital to research the market, compare different loan providers and select the best housing loan in India that provides more value. The lower the interest rate, the less burdensome it will be, and you will be able to pay it off quickly with prepayments.
- 6. Conclusion In addition, youneed to be regular with your loan repayment plan. Missing your EMIs can attract penalties and applicable taxes.