HOME LOAN
WHEN LOAN EMI STRETCHES BEYOND RETIREMENT
Published By Livemint | 22 Mar, 2023
RATE HIKE
RBI rate hikes increase loan EMI sharply
Credit : PTI
STRETCHING LOANS
To avoid high EMIs, borrowers opt for longer loan tenures, that overstretch their loan beyond retirement
Credit : Pexels
IDEAL HOME LOAN TENURE
15-20 years is considered as ideal home loan tenure
Credit : Unsplash
HOW TO REDUCE HOME LOAN TENURE
Follow these steps to reduce loan tenure
Credit : Pexels
EARLY CLOSURE
Try putting money in loan from other investment for its closure
Credit : Pexels
TALK TO LENDER
Try convincing lender for higher EMI with lower interest rate
BALANCE TRANSFER
If lender doesn’t agree, explore and balance transfer loan to lender with lower interest rate
Credit : Pexels
PARTIAL PAYMENT
Start partial prepayment to reduce the principal component of the home loan
Credit : Pexels
REFINANCING
Talk to lender to refinance balance amount into another loan and pay in smaller monthly income
Credit : Pexels
CLICK FOR MORE VISUAL STORIES