Wednesday , July 24 2024

Be sure to follow these things so that you are not burdened with home loan EMI

Home Loan Tips: In today's era, due to the easy availability of finance, most people are buying things on loan. They especially take the help of easily available home loans to build their dream home, but when the burden of EMI increases, the stress in the financial crisis also increases. Often the EMI amount and the interest charged on it become a headache.

If home loan is taken with proper planning, then there is no burden of EMI and home loan can be repaid easily. For which some things have to be followed. While taking a loan and keeping in mind the amount of EMI to be paid on it every month, one should keep in mind his salary and income limit. By keeping these things in mind, there will be no burden on EMI…

Advance payment of EMI

Under EMI, a fixed amount has to be paid every month at a fixed time. But if you want, you can also pay more than the fixed amount. So that the loan is completed quickly and there is no burden of EMI. Use that money to pay the remaining amount of the loan at a time when your income or additional income has increased so that the EMI is reduced. By doing this, the interest charged on the loan will be reduced and the time limit for repaying the loan will also be reduced. Also, even if one EMI is missed, the prepaid amount will not have much impact on the CIBIL score.

Pay off your debts first and plan for everything else later

Everyone's situation is not always the same. So whenever you have more savings or extra income, use it to repay the loan. So that the burden of debt is reduced quickly. If the loan is repaid before time, then the loan will not seem like a burden during the financial crisis, even if there is often more income, yet no income. Instead of spending more on things like entertainment or foreign travel, repay the loan first. So that you can live comfortably by becoming debt free.