There are many easy ways by which you can reduce your home loan burden.
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transfer loan
However, at this time home loan rates have increased in all banks. There is not much difference in the loan rates. But many times it happens that the rate of the bank from which you have taken the home loan is much higher than the other bank. In this case, you can transfer the loan to another bank. If you have transferred the loan at 0.50 percent less interest, then you will have to pay less interest along with less installment. But experts say that getting the loan transferred in the initial years itself is beneficial.
Extend loan tenure
If your EMI installments are affecting your budget then it can be reduced. You can reduce the installment by increasing the tenure of your loan. But this will cost you interest in the long run. Increase your tenure. This will reduce your EMI.
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pay lump sum
If you have cash lying around, you can shorten your home loan tenure by paying some lump sum amount. Talk to your bank about this. In this way, you can reduce the tenure of your home loan by refinancing the loan. In case of large loans like home loan, prepayment in the initial years reduces your loan tenure significantly. With prepayment in the loan, you can reduce the tenure of that loan or reduce its EMI amount.
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