Buying their own house is everyone's dream but nowadays the property prices have become very high. In such a situation, it has become very difficult for common people to buy a house. At such a time, some people buy a house by taking a home loan but later the same home loan becomes a burden for them and a large part of the salary is spent every month paying EMI.
Interest rate of 8.5 percent
In such a situation, if you are also in this situation, then this news can be useful for you. Today we will tell you, how you can get rid of heavy EMI as soon as possible. If we tell you as an example, you have taken a home loan of Rs 50 lakh, that too for a full 25 years and you have got this home loan at an interest rate of 8.5 percent, then you will have to pay 40 thousand rupees every month as EMI.
You should pay extra EMI.
If you want to get rid of a home loan quickly, then you will have to pay maximum EMI. 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, your loan will also end quickly. Along with this, the interest will also be reduced due to the reduction in the principal amount. Then the tenure of your loan will be reduced to just 10 years.
Disclaimer: This content has been sourced and edited from tv 9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
If you have savings, then you can also finish your loan quickly by making extra payments. For this, you will have to save and also reduce your unnecessary expenditure.
Disclaimer: This content has been sourced and edited from tv 9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
