Tips to manage your Home Loan in a smart way
We all nurture dreams of owning a home and taking a home loan is a vital part of this entire process. However, a home loan involves a sizeable financial commitment since a lot of careful planning goes into repaying the same.
You can follow a few tips to effectively manage home loan EMIs and the repayment process without being bogged down by stress. In case your income rises, you should increase your EMIs as well. Do every time your salary goes up and you will be able to pay off your loan even faster. If you have just got a hefty annual bonus, do not blow it up on a fancy gadget or vacation. You can use this bonus to pre-pay a portion of your outstanding home loan. These efforts will help in lowering the loan amount.
You can also opt for a home loan balance transfer to a lender offering you a lower interest rate. You can also make a higher down payment at the time of applying for the loan. A higher down payment will help in reducing the interest costs and EMIs considerably. You should always use a home loan calculator before applying in order to find out how much you can afford in terms of the monthly EMIs.
You can apply for a home loan from Bajaj Finserv and get several benefits including loan amounts up to Rs.3 crore, low interest rates, zero pre-payment and foreclosure charges, 3 EMI holiday, approval within 5 minutes, balance transfer facility with top-up loan.