{"id":29241,"date":"2022-08-16T06:58:08","date_gmt":"2022-08-16T06:58:08","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=29241"},"modified":"2023-11-27T16:34:16","modified_gmt":"2023-11-27T11:04:16","slug":"want-to-repay-your-mortgage-loan-quickly-know-the-4-methods","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-on-property\/want-to-repay-your-mortgage-loan-quickly-know-the-4-methods\/","title":{"rendered":"Want To Repay Your Mortgage Loan Quickly? Know The 4 Methods"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Being a proud homeowner is a dream for many. But paying monthly EMIs for 15 years or more can feel like a never-ending burden of debt. Your mortgage loan is a big amount that can&#8217;t be paid off by swiping a credit card. Your financial health can also experience major changes during this tenure.&nbsp;<\/p>\n\n\n\n<p>But how can you&nbsp;repay the mortgage faster&nbsp;and enjoy more financial flexibility? Well, there are a few simple methods that you can use to shave off a few years from your mortgage loan repayment. Let&#8217;s dive into them in detail.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4 methods for&nbsp;early repayment of mortgage loa<\/strong>n<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>1. Make a 20%&nbsp;down payment for the mortgage loan<\/strong><\/p>\n\n\n\n<p>It&#8217;s a simple concept. The higher your down payment, the lower will be your principal loan amount. This instantly reduces your debt obligation while&nbsp;calculating mortgage repayment. Before you seal the deal on the property, try to save enough money to make at least a 20%&nbsp;down payment for the mortgage loan&nbsp;amount to be lower. This will bring down your EMI and significantly reduce the tenure of the loan.<\/p>\n\n\n\n<p>By paying at least a 20%-30%\u00a0down payment for the <a href=\"https:\/\/tata-blog.osian.dev\/loan-against-property.html\">mortgage loan<\/a>, your interest on the overall repayment of the loan will also reduce.<\/p>\n\n\n\n<p><strong>2. Make frequent payments<\/strong><\/p>\n\n\n\n<p>The repayment tenure for most mortgage loans starts from 10 years. In some cases, it can even go up to 30 years. Making repayments for a single purchase for such a long duration can b burdensome. Instead, opt for the lowest tenure if your budget permits. This way, you can easily&nbsp;repay the mortgage faster&nbsp;within 10 years.<\/p>\n\n\n\n<p>You can use an online&nbsp;<a href=\"https:\/\/tata-blog.osian.dev\/loan-against-property\/loan-against-property-emi-calculator.html\">loan against property EMI&nbsp;calculator<\/a> to determine the tenure and EMI that fits your budget. Make sure you also consider other expenses like property tax, retirement planning, education, and wedding of your children, etc.&nbsp;<\/p>\n\n\n\n<p><strong>3. Refinance your mortgage to reduce the tenure<\/strong><\/p>\n\n\n\n<p>If you&#8217;ve already taken a mortgage loan for, say, 30 years, and can afford to increase your monthly instalments, you can refinance it into a shorter-term loan. If you opt for 15-year tenure, you can repay the loan much quicker. Not only this. Several lenders offer better interest rates on mortgage loans when you club it with a short-term repayment option.<\/p>\n\n\n\n<p>Although refinancing to a shorter option will increase your EMIs, you&#8217;ll end up saving a lot more on the interest pay-outs. Before refinancing your mortgage loan, you can use online&nbsp;loan against property EMI&nbsp;calculators to see how many years you can afford to reduce. For example, if a 15-year period can strain your monthly budget, you can opt for 20-year tenure. This way, you can still repay the loan faster and save on interest payments while having more financial flexibility to spend on other life goals.<\/p>\n\n\n\n<p><strong>4. Make lump sum payments with the help of unexpected earnings<\/strong><\/p>\n\n\n\n<p>The best way to pay off your mortgage loan quickly without increasing your EMI is using unexpected earnings to make part payments. Whether it&#8217;s a holiday bonus, tax refund, or proceeds from the sale of assets, you can use this extra income to repay the loan quickly.&nbsp;<\/p>\n\n\n\n<p>But remember, this method is not as regulated as the others. Many lenders charge a penalty for pre-payments. So, make sure you check with the lending partner before adopting this approach. But if this is not the case, making a lump sum pre-payment will significantly reduce the amount and tenure while&nbsp;calculating mortgage repayment.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why should you opt for&nbsp;early repayment of the mortgage loan?<\/strong><\/h2>\n\n\n\n<p>A mortgage loan can feel like a marathon that spans decades. Moreover, it locks in a portion of your monthly income. By repaying the loan quickly, you can save on interest payments and close a significant debt. You can use the extra money to fund other goals like planning for your retirement, investing in the stock market, going on a luxury vacation, your children&#8217;s wedding, etc. While buying a house is a major life milestone, these other life goals are equally important.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Gain financial flexibility with&nbsp;early repayment of mortgage loan<\/strong><\/h3>\n\n\n\n<p>Buying a new home is indeed a significant life milestone. But it doesn&#8217;t have to come at the cost of years of financial burden. By taking small steps like a higher&nbsp;down payment for the mortgage loan&nbsp;or using extra income for making pre-payments, you can easily repay the loan faster. Moreover, you can use online tools like&nbsp;loan against property EMI&nbsp;calculator for&nbsp;calculating the mortgage repayment&nbsp;tenure and instalment that best fits your budget.&nbsp;<\/p>\n\n\n\n<p>Your home is your biggest asset and repaying your mortgage quickly will offer substantial benefits in the long run. You can also use it to avail of a <a href=\"https:\/\/tata-blog.osian.dev\/loan-against-property.html\">loan against property<\/a> from Tata Capital if you&#8217;re short of funds. Start with these methods today and manage your mortgage loan smartly!<\/p>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-499968f5 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/loan-against-property\/apply-now-loan-against-property.html \">Apply For Loan Against Property Now<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Being a proud homeowner is a dream for many. But paying monthly EMIs for 15 years or more can feel like a never-ending burden of debt. Your mortgage loan is a big amount that can&#8217;t be paid off by swiping a credit card. Your financial health can also experience major changes during this tenure.&nbsp; But [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-29241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-on-property"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Want To Repay Your Mortgage Loan Quickly? Know The 4 Methods | Tata Capital<\/title>\n<meta name=\"description\" content=\"If You Are Finding It Difficult To Down Payment For Mortgage Loan Follow These 4 Methods Mentioned In The Tata Capital\u2019s Blog. 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