Home loan EMI: The real estate market is growing rapidly these days. In today's time, property prices have become very high. In such a situation, many people buy a house by taking a home loan, but later they have difficulties in paying the home loan EMI (home loan EMI rules).
Paying EMI on time becomes a burden for them. In such a situation, today in this news we are going to tell you about 3 such methods, by which you can easily repay the loan.
Pay EMI in this way
If you use these methods, then you can soon get rid of the burden of your EMI (home loan EMI news). We explain to you, like suppose you have taken a home loan of 50 lakhs for 25 years and you have got this loan at an interest rate of 8.5 percent (home loan interest rate), then to repay it you will have to pay Rs 40,000 every month as EMI.
You can increase EMI every year.
To get rid of the loan quickly, you should repay as many EMIs as possible (how to repay home loans quickly). For this, if you want, you can pay an extra EMI every year to repay the loan quickly.
This will reduce your loan amount quickly, which will not only reduce your interest (Home loan EMI) but you will also get rid of the hassles of loan EMI.
Know how interest rates will be reduced.
One way to reduce the EMI of home loans (how to repay home loans) is to keep increasing your monthly EMI (Loan EMI) every year. The advantage of this will be that you will not be burdened by the EMI of the loan.
If you want, you can increase the loan amount every year at the rate of 7.5 percent. This will not only reduce the loan but also the interest will be reduced due to the reduction in the principal amount.
Use your savings like this.
If you have extra money or you have some savings, then you can get rid of the loan quickly by making an extra payment. However, for this, you will have to reduce unnecessary expenditures and save more. In this way, you can repay the loan quickly. This will not only finish the loan quickly but also you will not have to bear the burden of EMI (how to complete a home loan).
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