Loan Tips: Tired of paying EMI? So these are the best tricks to finish your home loan of Rs 1 crore in a jiffy

It often happens that after seeing the beautiful houses of others, we also think of building a big dream home like that, and then we make a mistake here. Yes, to build a big house, people sometimes take a loan of up to Rs 1 crore, which later becomes very difficult to repay. Now, have you taken a home loan of Rs 1 crore and are wondering how to repay it quickly? So there are some simple and smart tricks by which you can not only reduce the timing of your loan, but can also save lakhs of rupees. Actually, this news is not only for those who have a loan of Rs 1 crore, but for all those who want to reduce the burden of a home loan.

1. Increase your loan EMI
If your salary or income increases in between, then increase your EMI slightly. Even if you make a small growth of 5% or 10% every month, it can reduce the timing of your loan by several years and lead to huge savings in total interest.

2. Annual pre-payment

Along with this, if you get an annual bonus, income tax refund, or unexpected money from anywhere, then it should be used directly to repay the principal amount of your home loan. Paying an extra EMI even once a year can significantly reduce both the timing and interest of your loan.

3. Balance transfer

If another bank or financial organization is offering home loans at a lower interest rate than your existing bank, then consider transferring your loan. However, before transferring the loan, check the processing fees and other fees properly so that it is clear whether it is beneficial for you or not.

4. Spend wisely

Cut down on non-essential expenses and use the savings to pay off your home loan. The money you save by curbing your unnecessary spending can prove to be the most effective in repaying your loan quickly.

5. Choose a shorter tenure

If your monthly income is good, then choose a shorter tenure option for the loan right from the beginning. By doing this, your EMI may increase a little, but you can save a huge amount in total interest and become debt-free quickly.

6. Use tax benefits

Let us tell you that take full advantage of the tax benefits available on home loans under the Income Tax Act. The exemption available under Section 80C and 24(b) reduces your tax liability, and you can use this saving in the pre-payment of the loan.

So it is clear that by adopting all these options, you can not only repay your home loan of Rs 1 crore quickly, but can also lay a strong financial foundation for the future. (Note: This article is for information only)

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