Follow These Tips to Decrease the EMI of Your Home Loan
The interest paid on home loans can increase the burden on your financial budget, especially during the time of financial distress. However, you can reduce the outgo of the rate of interest on your home loan and reduce the Home Loan EMI amount by using effective ways.
Effective ways to reduce home loan interest rates:
Using the overdraft facility to repay the loan: You can use the overdraft facility to utilise the excess funds of your account. Along with the regular EMI, the additional amount in the home loan account can be paid by using the overdraft facility.
Balance Transfer of home loan: While you may have to pay certain fees before transferring the loan to another institution, you can reduce the burden of interest rate by repaying the balance amount using lower interest rates.
Prepayment of home loan: You can utilise the additional funds by paying prepayment of home loan. There are prepayment charges that you may have to bear, but you can prevent yourself from paying the interest, which may be a huge burden at the time of crisis.
Using home loan EMI calculator: You can use a home loan EMI calculator to calculate the monthly installments and interest on your home loan. You should opt for shorter tenures as you have to bear less burden of paying the interest on your home loans.
Effective ways to reduce home loan interest rates:
Using the overdraft facility to repay the loan: You can use the overdraft facility to utilise the excess funds of your account. Along with the regular EMI, the additional amount in the home loan account can be paid by using the overdraft facility.
Balance Transfer of home loan: While you may have to pay certain fees before transferring the loan to another institution, you can reduce the burden of interest rate by repaying the balance amount using lower interest rates.
Prepayment of home loan: You can utilise the additional funds by paying prepayment of home loan. There are prepayment charges that you may have to bear, but you can prevent yourself from paying the interest, which may be a huge burden at the time of crisis.
Using home loan EMI calculator: You can use a home loan EMI calculator to calculate the monthly installments and interest on your home loan. You should opt for shorter tenures as you have to bear less burden of paying the interest on your home loans.
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