How to get over with your home loan quickly? Here are 6 ways
home loan helps a great deal to achieve this target. Accordingly, it’s not a surprise to see several companies offering home loans for people from different walks of life. A report by the Reserve Bank of India (RBI), released in March, indicated that there was a significant decadal growth in home loan advances of almost 6 per cent to 14.2 per cent in March 2023 from 8.6% in March 2012.
The report was a testimony to Indians’ increasing reliance on home loans. Home loans are most likely to be high in amount and for the longer term. A borrower spends her/his hard-earned money to repay these loans, which come with a heavy interest.
The prevailing home loan interest rates range from 8.50 percent to 14.75 percent. The longer the duration of the loan, the more interest you end up paying. So, how do you save up enough to finish the loan? How do you ensure you have sufficient money left in your wallet for the rest of the month once the home loan EMI has been deducted? One of the best ways is to repay the loan earlier than its actual duration.
It requires commitment, discipline, and strategic financial planning to pay it earlier. But, if paying off a little extra comes at a great financial strain for you, here are a few other ways that you could explore to repay your loan quicker. In the refinancing method, you should choose a bank that offers you a home loan at a lower interest rate and close your running loan with the money sanctioned by the new bank.
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