Finance Desk – As interest rates hike, managing your home loan becomes crucial. So, here are some straightforward strategies to help manage your equated monthly instalments (EMIs).
Consider Prepayment
Paying off a part of your loan early can significantly reduce the amount of interest. If you have some extra cash, like a bonus or a significant financial windfall, using it to prepay your home loan.
Home Loan Overdraft Facility
A Home Loan Overdraft (HLOD) facility allows you to deposit surplus funds. Interest is calculated on the net balance, effectively reducing the loan amount temporarily and decreasing the interest you owe.
Extend Your Loan Tenure
If you’re finding it tough to meet your monthly payments. Asking your lender to extend your loan tenure. This spreads out your payments over a longer period, keeping the monthly amounts more manageable.
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