If you keep a few things in mind, then the EMI of the home loan will not be heavy, but the house can be made completely yours by repaying the home loan soon.
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if you keep a few things in mind home loan The EMI will not be heavy, as well as the home loan can be repaid soon and the house can be made completely yours. Going to live in your own house is like a dream come true, but after a month of house warming, the truth related to the dream house starts coming to the fore. This is true of home loan taken for the purpose of buying a house EMI to pay But if you keep a few things in mind, then the EMI of the home loan will not be heavy, but the house can be made completely yours by repaying the home loan soon.
First know the information about home loan of Rs 25 lakh
If a person takes a home loan of Rs 25 lakh for 25 years, then an installment of Rs 22718 will have to be paid every month. Here it is believed that this home loan has been taken at 10% interest. Paying an installment of Rs 22,718 continuously for 25 years is a difficult task. In such a situation, it is necessary that measures should be taken, so that this loan can be repaid soon. Although this story is being written considering a home loan of Rs 25 lakh as the base, but this formula will work even if the loan amount is more or less than this.
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What can be the ways If a person wants to repay the home loan ahead of time, then he has many options. But we are telling you 3 such methods which are quite easy.
Even if you cannot invest much money then there is an option for you. Under this, you keep depositing an additional installment of home loan every year. By paying only this much, this home loan will be repaid in 19 years and 3 months instead of 25 years. That means your home loan will end about 5 years and 9 months ago.
If you can invest a little more money, then this home loan can be availed more quickly. For this, you keep increasing your EMI by 5% every year. By doing this, your home loan of 25 years can be repaid in only 13 years and 3 months. In this way, your time will be saved more than half.
If you can invest a little more money, then this loan can be disbursed more quickly. If someone increases his installment by 10% every year, then this loan can be disbursed only for 10 years and 2 months. In this way you will save about 15 years.
Documents required for loan
Proof of Identity Proof of Age Proof of Address Proof of Educational Qualification Employment Details
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