Tips to Save Money and repayment on Home Loan.

Tips to Save Money and repayment on Home Loan.

Home is not merely a place for living and spending your whole life. It is a place of heaven where one can see his family grow. Owning a home is one of the biggest achievements in life. Sometimes when you are not financially sound, Home Loan is one such option that helps fulfil your own dream home of your choice.

When you avail of Home Loan, you must repay the whole amount in time to the bank.

Facts that will help to repay the Home loan amount:

  • With the availability of different financial institutions, consumers have better options for Home Loan to fulfil the desire of owning a home. This loan scheme helps fulfil the dream; it can also become a burden if not repaid on time.
  • To simplify the repayment of home loan, RBI(Reserve Bank of India) has directed all Financial Institutions to take away all of the floating rate penalties and apply the actual interest rates. Consequently, the penalty fees have been removed, which has provided the option for an individual to save on repaying the house loan.
  • To further soften the loan process, lenders have also started offering this loan scheme on a prepayment basis. In this system, one can deposit an additional amount in his / her bank account. In return, this will lower the loan Tenure and the interest rate.
  • If you do want to disrupt your budget with EMI’s, you can link your home loan amount with your salary so that banks can easily withdraw the loan amount from your paycheck.

These prepayment offers are available in many banks like State Bank of India, HSBC, Standard Chartered Bank, etc.

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