Wednesday, June 29News That Matters

REDUCE YOUR HOME LOAN WITH THIS METHOD !

EVERY INDIAN HAS A DREAM OF HAVING HIS OWN HOME, AND TO FULFILL THAT DREAM SOMETIMES HE TAKES A LOAN. AS THE INFLATION IS INCREASING, ITS GETTING HARDER AND HARDER FOR INDIVIDUALS TO PAY OF THEIR HOME LOANS AND BECOME DEBT FREE.

TO HELP ALL OF YOU BECOME DEBT FREE, WE GIVE YOU THIS METHODS/IDEAS THAT YOU CAN IMPLEMENT TO REDUCE THE AMOUNT YOU PAY FOR YOUR HOME LOAN.

  1. PRE-PAYMENT

LOANERS TEND TO PAY THEIR LOANS WHEN THE DATE COMES AND THEY PAY THE DECIDED AMOUNT TO THE BANK EVERY MONTH OR EVERY YEAR, BUT WHEN THEY HAVE AVAIBILITY OF MORE MONEY THEY DONT THINK ABOUT THE LOAN AND SPEND IT.

YOU CAN PAY OFF MORE LOANS THAN YOU HAVE TO IN ADVANCE, THAT WILL GIVE YOU RELIEF ON THE INTEREST THAT YOU WILL HAVE TO PAY IF YOU HAD PAID LATER.

 

2. BANK TRANSFER

IF HAVE  A HOME LOAN FROM A CERTAIN BANK, BUT LATER YOU FIND OUT THAT THE OTHER BANK IS GIVING LOANS ON LESS INTEREST AND WITH BETTER OFFERS, THAN YOU CAN TRANSFER YOUR LOAN TO THAT BANK. IT IS CALLED HOME LOAN BALANCE TRANSFER.

BUT KEEP THIS IN MIND, YOU WILL HAVE TO PAY A TRANSFER FEES FOR THIS PROCESS.

 

3. INCREASE YOUR EMI

YOU CAN INCREASE THE AMOUNT THAT YOU ARE PAYING PER MONTH OR YEAR. FOR EXAMPLE, IF YOU GET A BETTER JOB AND YOU ARE ABLE TO AFFORD MORE, THAN YOU DEFINATELY SHOULD INCREASE YOUR EMI. THAT WILL LEAD TO LESS OVERALL PAYMENT AMOUNT.

 

I HOPE YOU LIKED OUR IDEAS TO DECREASE YOUR LOAN PAYMENT. READ OTHER ARTICLES FROM MARUGUJ.IN FOR MORE IDEAS LIKE THIS.

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