{"id":9308,"date":"2023-08-28T19:02:08","date_gmt":"2023-08-28T19:02:08","guid":{"rendered":"\/blog\/?p=9308"},"modified":"2024-11-21T18:53:58","modified_gmt":"2024-11-21T13:23:58","slug":"how-you-can-repay-your-home-loan-quicker","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/how-you-can-repay-your-home-loan-quicker\/","title":{"rendered":"How You Can Repay Your Home Loan Quicker"},"content":{"rendered":"\n

Longer\nloan tenures can lower your equated monthly instalments (EMI). Eventually, though,\nyou end up paying a higher amount as interest, sometimes even more than the\nprincipal. For instance, if you take a loan for Rs. 25 lakh for 20 years\nat a home loan interest rate of 9.25%, you will be paying Rs.\n29,95,045 as interest. Therefore, it is advisable to repay your home loan as\nfast as possible. <\/p>\n\n\n\n

Know More<\/a><\/div>\n\n\n\n

Of\ncourse, home loans offer substantial tax benefits. However, you should run a\ncost-benefit analysis to find out what your total interest outgo amounts to and\nhow much you will be saving from the tax deductions. If the former exceeds the\nlatter, it is better to clear the loan. Here is a detailed guide to\nmaking home loan repayments faster.<\/p>\n\n\n\n

Utilize the Pradhan Mantri Awas Yojana (PMAY) scheme<\/strong><\/p>\n\n\n\n

Under the PMAY<\/a> scheme, if your annual income does not exceed Rs. 18 lakh, you can enjoy a home loan subsidy. You may want to shift your existing home loan under the Pradhan Mantri Awas Yojana through the balance transfer option and take advantage of the subsidized interest rate. It will enable you to pay larger EMIs or prepay your housing loan and effectively shorten your loan tenure. <\/p>\n\n\n\n

You\ncan use online calculators to check your PMAY eligibility according\nto your annual income and date of execution of your sale deed and find out how\nmuch subsidy you are entitled to. <\/p>\n\n\n\n

Make a part prepayment of your home loan<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

\"Prepayment<\/figure>\n\n\n\n

If\nyou come across a windfall and have no debts with interest rates higher than\nyour housing loan, consider prepaying a part of the home loan. Any bonus or\nincentive you receive at work can be utilized to make partial home loan\nrepayments. It will lower the principal amount you need to repay.\nMoreover, after making the payment, reduce the tenure rather than lowering the\nEMI amount to save on interest.<\/p>\n\n\n\n

Keep making partial payments<\/strong><\/p>\n\n\n\n

You\ncan keep making small repayments with whatever extra money you have. You may\nconsider making an additional EMI payment each year. Even small extra payments\ncan lower your loan tenure to a significant extent.<\/p>\n\n\n\n

Increase your EMI amount<\/strong><\/p>\n\n\n\n

You\nmay need costlier loans in case of emergencies if you do not have contingency\nfunds. Therefore, when no excess funds are available, do not liquidate your\nexisting savings to prepay your home loan. Instead, you can consider increasing\nyour EMI. EMIs are usually limited to 40-50% of your take-home pay. However, an\nincrease in income with an unchanged EMI can decrease the EMI-to-income ratio.\nKeeping the ratio constant is recommended to hasten the process of repayment.<\/p>\n\n\n\n

Conclusion<\/strong><\/p>\n\n\n\n

A disciplined approach towards financial planning and cutting unnecessary expenses will help you repay your home loan<\/a> faster.<\/p>\n\n\n\n

With Tata Capital home loans, you can start with lower EMIs and increase the amount when your income grows. Apply for\u00a0quick home loans\u00a0by filling up simple forms online and take advantage of attractive home loan interest rates<\/a> as well as flexible repayment options to pay off your home loan quicker.<\/p>\n\n\n\n

Apply For Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Longer loan tenures can lower your equated monthly instalments (EMI). Eventually, though, you end up paying a higher amount as interest, sometimes even more than the principal. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":9309,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-9308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"\nWays to repay your Home Loan Faster - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Are you looking for ways to pay your home loan off faster? Here are some hacks\/practical tips to help you pay off your home loan quicker. 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