Every person dreams of buying his own house but nowadays the prices of property have become very high. In such a situation, buying a house has become very difficult for common people. In such a situation, some people buy a house by taking a home loan but later every month the EMI of the home loan becomes a burden for the people. In such a situation, if you are also in such a situation, then today we will tell you how you can get rid of the heavy EMI of home loans as soon as possible. Let's know.

Suppose you have taken a home loan of 50 lakhs for the entire 25 years and you have got this loan at an interest rate of 8.5 percent, then you will have to pay Rs 40,000 every month as EMI.

Make extra EMI payment

If you want to get rid of your loan, then you will have to pay as many EMIs as possible. You can pay one extra EMI every year. This will reduce your loan amount quickly, which will also reduce your interest and your loan will also end quickly.

Increase EMI every year

Increase your monthly EMI every year. You can increase it at the rate of 7.5 percent every year. By doing this also the loan will end quickly. Along with this, the interest will also be reduced due to the reduction in the principal amount.

Use savings

If you have savings, then you can also finish your loan quickly by making extra payments. For this, you will have to save and reduce unnecessary expenditures.