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Here in this video you got this answer for the following questions below
How to repay loans quickly?
How to reduce interest on loans?
How does prepayment of loans work?
How can I pay my home loan faster?
How to pay off home loan in 3 years?
How can I reduce my home loan tenure?
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1. Increase Your Down Payment
The RBI only allows lenders to provide easy home loans that cover 70%-80% of the property cost, with the borrower financing the remainder as a down payment.
If you make a larger down payment on your home loan, your principal loan amount will decrease, as will the interest on your EMI payments. Furthermore, a larger down payment improves your home loan eligibility and chances of loan approval by lowering your lending risk.
2. Select an Overdraft Facility
Consider adding an overdraft facility to your home loan account if you have a consistent income surplus. You can deposit any surplus accounts in the account along with the regular EMI amount. The deposit will serve as a pre-payment toward the principal amount as long as it remains in the home loan account.
As you make additional payments to your home loan account, the overall principal amount decreases, as does the interest charged and the home loan tenure.
3. Increase Your EMI Payments
Paying more than the stipulated EMIs is an easy way to reduce your maximum tenure for a home loan and, thus, your interest cost. You can reduce your debt burden by applying the excess funds to the additional home loan EMI payment.
You can pay more EMIs than are required each year - a 5% increase can significantly reduce the home loan tenure and the interest outgo.
4. Consider Pre/Part-Payments
If you have a surplus, you can make pre or part-payments on your mortgage if your lender allows it - some lenders charge a penalty for principal pre-payment. You can reduce the home loan tenure by reducing the outstanding amount and the interest outgo on the EMI payments.
6. Home Loan Transfer
A balance transfer involves the transfer of your outstanding home loan balance from your current lender to a new lender, usually for lower interest rates. You can, however, choose a balance transfer to shorten the maximum tenure for a home loan while maintaining the exact EMI amount. If unsure, use a home loan EMI calculator to calculate your new EMI.
The following factors typically determine a balance transfer:
The difference in home loan interest rates offered by the old and new lenders
The unpaid principal amount
The remaining home loan term
Undoubtedly, shortening the term of a house loan can reduce the overall cost of borrowing by lowering the interest outlay on the EMI payment. So, before applying for a home loan online, look for a suitable tenure.
7. Refinancing a Loan
Yes, loan refinancing can help you shorten the term of your loan. When you switch to a new institution, you have the opportunity to negotiate better loan terms, including restructuring the loan's repayment duration to better suit your financial goals.
Transferring the loan to a new lender and negotiating the terms is one of the best ways to reduce the loan tenure.
There are few delays because of this loan's quick loan processing protocols. To get started and take advantage of all the benefits available, apply online by providing basic information.
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