NEWS & ADVICE : HOME LOANS
Get rid of your home loan faster
By Joseph Samson
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Line up your loan repayments as per your income cycle: This way would allow you to keep as much money as possible on your loan at all times. Leaving that extra money in your loan for just a few days each month can have a considerable effect by reducing both the interest paid by you and the overall term of your loan.

Refinance at a lower rate: You can get your loan refinanced at a lower rate and continue to pay the amount you were earlier paying. This would permit you pay the money earlier used for paying interest towards the principal amount and thereby reduce the loan burden. But if one wants to opt for this option, then we should keep a note on fees and home loan rates prevailing in the market.

Lower the loan tenure: One of the options to pay off the loan faster is that you reduce the number of EMIs by reducing the term of the loan. However this mighty be a risky proposition as it will shoot up the amount of the EMI and could affect your monthly budget.

One may think that to choose one of the above mentioned options would enable him to get rid of that home loan without any hicks but it should be remembered that paying off the loan faster should only be considered if one has no other significant debt and also have enough money saved for emergencies.

Meanwhile there may be some people who would not want repay that home loan and rather use the funds in investing because the interest earned could offset the benefit of paying off the loan.

 


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