4 home loan repayment options to choose from
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4 home loan repayment options to choose from

  • Highlights

  • Choose an EMI holiday to ease initial expenses

  • Increase your EMIs when you get a salary hike

  • Choose Flexi Hybrid loan for maximum convenience

  • Choose a lender who doesn’t levy prepayment charges

You take multiple steps to plan out your home loan. Looking for a good lender, a nominal interest rate, additional benefits and good customer service are all part of the same. One way to ease your home loan repayment is to consider a lender who gives you the most convenient options with regard to your EMIs. From getting a delayed start to your EMIs to increasing the amount to keep pace with your increasing income, these options are many. Take a look at the 4 different ways that ease your repayment for home loans.

EMI Holiday

Some lenders offer you an EMI holiday for a more convenient and relaxed start of your home loan repayment. For example, when you take a Bajaj Finserv Home Loan or opt for a Balance Transfer, you can enjoy a 3-EMI holiday, which allows you to start repayment after a delay of 3 months. This is very helpful because you may have a very tight budget in first few months due to various expenses like paying registration fees, stamp duty and brokerage for your new home. Use this 3 EMI holiday calculator to check how delaying your EMIs affects your overall tenor and EMI amount.

Increasing EMI amount

Also called a step-up repayment, this option gives you the freedom to increase your EMIs in line with increasing income. During the initial years, you pay lower EMIs and then increase the amount corresponding with your salary hikes or increased income from other sources. This way you can repay your loan amount faster and pay less interest overall. Calculate the EMIs you can afford to pay comfortably before taking your home loan and during repayment using this accurate home loan EMI calculator.

Flexi hybrid loan

You can choose a Flexi Hybridoption for maximum convenience and ease offered by lenders like Bajaj Finserv. Here, you can interest-only EMIs for up to 4 years. You can then start paying regular EMIs, comprising both principal and interest components, from the 5th year onwards. Not only does this help you with your financial planning and initial budget, but it also helps first-time homeowners to buy a home sooner than planned. With this facility, making part-prepayments is easy and doesn’t attract any additional charges. Additionally, borrowing an additional loan for home renovation or other financial needs is also easier.

Prepayments

Making regular part-prepayments helps you repay the borrowed amount faster. Since it reduces your overall principal, it also helps you save on the total interest you pay towards your loan. This reduces the overall expense of home loan repayment and helps you become debt-free sooner. Check how making prepayment can help you by using this online part-prepayment calculator.You can make such prepayments when you receive a bonus at work or when your investments have matured. You can also let out an unused room in your property and earn rent, which you can use for making these prepayments. Remember to check your lender’s home loan prepayment rules right at the time of borrowing the loan. For example, lenders usually allow you to make prepayments after the first month of repayment for an amount that is greater than the value of one EMI. So, while selecting a lender, ensure you check the part-prepayment terms to ensure there are no fees or fines on the same.

Keeping these repayment options in mind while repaying or considering a home loan is sure to make your experience more convenient and budget-friendly.

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