A small guide to save your personal finance from Housing Loan EMI’s

All about Housing LoanHome loan

A house is a paradise where a person and his family can spend their precious time. Thus, for many people, owning a dream home and moving into it is like a dream come true. Nearly all home purchases are financed by a housing loan. It covers the bulky payment known as EMI in the form of the second mortgage and monthly installments. The monthly payments would remain a sprain in your monthly finances, even though you manage to pay the down payment balance by collecting cash from various sources.

Before the House Loan option:

Borrow a sum of credit that is easy to repay.
The EMI number depends only on the value of the loan borrowed and on an individual’s down payment. The loan is only issued by banks after determining your net total salary. It is therefore recommended that the loan amount, which is inexpensive and easily payable, be lent.
You may increase the amount of the down payment to decrease the EMI burden. You should go for a house with a smaller budget if you are unable to raise a significant sum of cash as a down payment.

In case you have borrowed a large Housing Loan Amount:

  1. Instead of repenting on borrowing a large loan amount, you must appreciate yourself that your monthly savings are going for a loan that is assisting you in building your dream house.
  2. You can analyze where you spend your monthly income other than monthly installments. You can try to cut off the expenses especially on the discretionary areas.
  3. If your spouse is working, you can manage all of the daily expenses with his / her savings. You can use your saving to pay the loan installments .i.e. EMI. When you have a different savings account, you can have better control over your expenses and monthly installments.
  4. Spend less and Save more will help you to manage daily expenses and makes your cash flow easy and comfortable.


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