by makaaniq
This Is How You Can Repay Your Home Loan With Ease
When saving for a home loan, plan on increasing the down payment over and above the limit that needs to be paid.
Here are certain ways in which you can repay your home loan with ease:
Time the purchase
Buy when developers promote the sale of property with attractive discounts. This typically happens during the period before interest rates begin the downward trend or during festive season.
Time your loan purchase
You should take a home loan when interest rates begin the downward trend to cash in on the falling rates, which will help you lower the interest cost of your loan.
Partial prepayments can decrease the tenure closing the loan early
You can use part of your savings to prepay the loan thus, reducing the tenure. If your loan amount is well within 40 per cent of your income, you could easily set aside money to prepay at regular intervals.