1. Set a budget first. Typically, the house you live in should not be considered an asset because it doesn’t support any long-term financial goals you may have.
2. In the current high interest rate scenario, look for floating rate loans.
3. Extending your loan from 15 years to 20 years can reduce your monthly instalments, but you will end up paying more interest.
4. Negotiate for a prepayment facility so that you don’t pay high charges/penalty if you close the loan before the tenure ends.
5. Ensure that the due date of monthly instalment comes after the day your salary gets credited.