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6 Smart Ways To Prepay Home Loans

If you miss your payment it will also reflect on your credit score.<br>

KaranKumar
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6 Smart Ways To Prepay Home Loans

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  1. 6 Smart Ways To Prepay Home Loans

  2. Here are our 6 ways to prepay your Home Loan. Everyone wants to have a house of their own without any problems. It is a place where one spends their most of the time. Taking a home loan can create a problem if we don’t pay on time.

  3. Loan That Allows Part Payments HomeLoan? The loan you take is dependent on your current affordabilitywhich will increase with time. You will be able to repay more and clear it before the set tenure. Check the terms & conditions of your loan by the bank.

  4. Your EMI amount as your Salary Adjust the loan EMI as per your salary & the decided percentage. In fact, decide on a % of your salary to direct towards home loan repayment. Thiswill reduce the tenure and rate of interest. Prepaying even smaller portionsof the loan can save you considerable amount.

  5. Targeted Investments Plan your investment with specific goals. So,make sure to clear your home loan. Determine the returns you would get & time period of investment

  6. SIP Investments SIP is a way of investing a fixed amount of money is in a pre-defined mutual fund schemeat a fixed interval. You decide the amount, the SIP date and the schemes in which you wish to invest.  With SIP, one can stay invested for a longer period of time. Over time as your investment generates returns, the returns get added to the amount and this in turn generates more returns. The frequency of investment is usually weekly, monthly or quarterly.

  7. Direct your Extra Incomes This extra income can also be directed towards, clearing your home loan. Any extra money that you receive in the year can be directed towards your prepayment. Paying faster will reduce your debt.

  8. Avoid Missing loan Missing a loan payment will call for a penalty along with the loan EMI & interest. Prepaying your home loan will not only relieve you from a major financial burden, but it will also give you space to plan for other financial. If you miss your payment it will also reflect on your credit score.

  9. When you begin planning for a home loan You can get both your personal Home Loanandbusiness credit scoreby applying directly on the link mentioned below : https://cir.crifhighmark.com Follow CRIF India on : /CRIF INDIA

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