Everyone has a dream to have a house. But there are times when there is no full money to buy a house that has to shift towards a home loan. Home loans also help in saving tax. However, after taking a home loan several times, it becomes difficult to repay its EMI. Especially in situations when your regular income sometimes becomes a dumper. Home loan borrowers can use several optional tricks to reduce their home loan EMI burden. The payment of home loan principal is availed under section 80 C of the Income Tax Act. On payment of interest, you get the benefit of section 24b. If you are also worried about home loan payments, we are giving you some measures that will reduce the burden of your home loan EMI.
Increase in EMIs
Salaried employees increase their salary once a year. Therefore, gradually increase your EMI amount. If you increase your EMI amount every year, the loan period will come down, which will help you repay the total outstanding loan amount. If there is an increase in earnings, you can increase your EMI in proportion to that.
Benefits of Overdraft Facility
A home loan overdraft facility can be chosen with a home loan account to reduce the interest rate on home loans. Through this facility, you can also deposit additional money in your home loan account in addition to your EMI. Placing an additional amount in the account will reduce your interest in money and loan tenure. The additional amount can be withdrawn from the account if required. However, one thing is that withdrawing money from a home loan account will increase the interest amount on loan.
Balance Transfer
Most people who take home loans do not want to go to another lender between the loan period. However, if the lender is found during the loan period, the home loan can be transferred. You can quickly fill the home loan by keeping this in mind.
Salary day
Try to keep your EMI date close to the date of your salary. You will never miss the EMI payment. Also, make sure that no additional charges have been levied on your home loan for payment of dues.
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