Home Loan Tips: Want to settle home loan EMI quickly, know the easy ways...

Most people take a home loan to buy or build their own house. This gives a lot of financial help but a huge amount has to be paid every month as its EMI. At the same time, rising interest rates have made it even more difficult. In such a situation, everyone thinks that he should get rid of the home loan EMI as soon as possible.

If you have also taken a home loan and are worried about its EMI, then we are telling you some ways to finish it quickly.

Let us tell you that there are some ways with the help of which you can repay the home loan faster. Let's know what they are.

Take a loan from low-interest bank
While taking a home loan, you should keep in mind that take a loan from a bank that provides loans at the lowest interest rate. You will get a lot of benefits from this and the burden of EMI will also be lightened. Then while repaying the loan, you can increase the EMI amount slightly to reduce the home loan repayment period. Let us tell you that you also get the option of increasing the EMI by 10% every year in the home loan repayment.

Choose the part repayment option
You can opt for part repayment once a year to make home loan repayment faster. Through this, a part of the loan can be repaid. Thus, if you end up paying 20-25% of the total loan amount, your home loan principal amount will come down significantly. The advantage of this will be that your EMI amount or loan repayment period will be reduced.

Keep the loan tenure as short as possible
Whenever you take a home loan, choose the shortest possible tenure option for its repayment. This will result in higher EMI but will help you in reducing the interest burden on the loan and you will be able to repay the loan sooner. Apart from this, you also get tax benefits for interest and principal payments on the home loan. These can help you save money.