There is hardly anything in this world that can be compared with the happiness of being a homeowner. It is indeed a feeling of fulfillment in life. But cutting off your fat amount of money from your salary and that too at the very starting of the month for the EMI of your home-loan is not that ‘happy’ thing! And to keep carrying this heart breaking feeling for over a long year is more pathetic. And apart from that, when you calculate that the interest rate is much higher than the actual amount you have borrowed is something very depressing. But, don’t be so depressed, since you have many things to do in your life and borrowing is the only way to achieve that then you ought to do that. But there are also many ways that can help your repay your loan easily.
Don’t use the extreme limit:
Usually banks offer the loan amount of your 50% of the income. But this doesn’t mean you have to jump for the extreme limit to borrow from the lender. If you consider keeping near about 30% to 40% for your EMI payments, it may save you with at least 20% to 30% of your income. Money management experts said that if the person tries to save up to 60 per cent of their income then he can save enough funds to proceed for the further investments with confidence.
Go for joint loan:
There might be hitches in the interest rates. And when you have borrowed the money for home, means you are on a huge debt to be cleared off and that may run for a long time. On the other hand if you pay off most of your earnings in to it, you may not have enough resources to combat other emergencies like money for your children’s higher education, health insurance and other factors. Hence, in this case you can go for joint loan that not only help you to pay less amount as EMI but it will also let you focus on other factors.
Ask the lenders for slightly higher EMI:
The rate of interest is never a static thing. And when it happens most of the banks usually increase the loan tenure in order not to burden over the borrower by increasing the EMI rate. But if you have prior planning for that and have saved a considerable amount of money then you can ask the lenders to increase slightly on your EMI.
Although, there are many keys to open up the way for the easy loan payment, but these three have the quickest solution for that. And if you are still wondering, a reputable website for real estate can help you out with helpful information.