Paying Home Finance Before The Due Date

2 min read

Most of us have a desire to own a house. To fulfil this dream we are willing to not leave a brick unturned and do whatever is possible. But still buying a house requires huge investment which is generally not available with most of the people. So we enter into the cycle of home finance.

The moment you take the loan the pressure to pay off the loan as quickly as possible starts getting on our nerves. The only thing some of us can think about is get loan on property and peace of mind after that.

get loan on property

How to manage your Home Loan

Managing your home loan which would go on for 10, 15 or maybe 20 years can be a stressing thing as when you entered your home loan you didn’t think about all the expenses and investments that will increase with time. For example your kids schooling, medical, household expenses will increase over time and while managing them if you have a home loan on your head, you must be already feeling the pressure.

There are various online EMI calculators which can help in developing a plan for your future. The pointers to remember for managing loan are:

  • Your loan is decided on your income. If you have some savings done, use it to make down payments and pay as much higher amount as you can. This will help you by reducing the amount you are taking as a loan and your duration for loan payment could be made smaller.
  • Make large EMI payments. If you have the cash flow then start by making larger EMI payments. This way your tenure could be shortened.
  • If you have other loans, finish them off before you go into the home loan.
  • Whenever you get perks, bonuses or arrears in your job, use that amount to part pay your loan.
  • If you are not satisfied with your lender, you can always look for other options in the market that could cater to your needs.

To pay your loan before time careful planning is the only thing required. If you want to make the payment early you should pay lump sum amount as prepayment. So if you have taken a Home Loan and are looking for ways to repay it before the time, the above stated pointers on how to manage your home loans can help.

You May Also Like

More From Author