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Use these 5 ways related to Home Loans, you will save lakhs of rupees, very few people know


Every person dreams of having his own house. However, when it comes to buying a house, 80-90 percent of people need a home loan. The burden of home loans is so high that almost everyone has to pay more interest than the principal. Many people often make small mistakes after taking a home loan, due to which they have to pay more money. Let us know 5 such ways, by which you can save a lot of money while taking a home loan.

If you keep the tenure of the home loan for more years, then you will have to pay more interest on it. On the other hand, if you keep a shorter period, then you will have to pay less interest. However, the shorter the period, the more your EMI will increase. If you take a home loan of Rs 50 lakh at a 9 percent interest rate for 15 years, then you will have to pay only interest of Rs 41 lakh on it. If you make an EMI for 20 years, then you will have to pay Rs 58 lakh as interest.

The situation changes a lot at the time of taking a home loan and within 10-15 years of taking the home loan. Suppose you have taken a home loan of Rs 50 lakh for 20 years. If you keep increasing the EMI for this loan at the rate of 10 percent every year, then your home loan can be settled in just 10 years.

Everyone should take good term insurance. This will ensure that your family will not have to face any problems in your absence. If something untoward happens after taking a home loan, then your family can pay the outstanding loan amount with the money from the term insurance. If you do not have insurance, then the bank may take possession of your house in your absence for the outstanding amount of the home loan.

If you are thinking of buying a house, then buy it by taking a joint home loan and get it registered in the name of both. In such a situation, both of you can claim the tax benefits on home loans. If seen in this way, you will get double benefit in tax. On the principal amount, both of you can claim Rs 1.5 lakh each, i.e. a total of Rs 3 lakh under 80C. On the other hand, both of you can get tax benefits of up to Rs 2 lakh each on interest under section 24. That is, if seen, you can get tax benefits on a total of up to Rs 7 lakh. However, it will also depend on how much your home loan is.

With the increase in interest rate, banks adjust the loan period of customers. They do this so that customers are not burdened with high EMI. At the same time, banks also want to do the same, because the longer you keep paying EMI, the more the bank will earn from you. Most people do not pay attention to this in the beginning. Later when they come to know that the period of their loan has become very long, they complain about it to the bank. If you do not want the period of your home loan to increase, then whenever the interest rates increase, you will have to talk to the bank and get your home loan restructured. That means you will have to tell the bank not to extend the period but to increase the EMI according to the new interest rate.

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