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You can reduce your home loan repayment burden by following these tips:
- Make regular partial prepayments. This reduces the outstanding principal amount on your loan and a lower principal translates to lower interest outgo.
- Pay 1 EMI per year over your regular EMI payments from your annual bonus or incentive payments. The home loan EMI calculator can help you plan this payment better.
- Increase your EMI amount every year with the increment of your salary. Increasing your EMIs reduces your tenor and lowers your interest outgo.
- You can refinance a home loan at a lower rate of interest. If another lender is giving you a lower interest rate on your home loan than your current lender, opt for it.
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