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Home Loan

Pay off your Home Loan faster with these tips

Summary: Adopting some simple tips can help pay off a home loan faster. This exempts you from your home mortgage sooner and can shorten the overall loan duration.

10 Jan 2023 by Team FinFIRST

A home loan is a long-term commitment, and paying EMIs for years can impact your long-term finances

Here are some tips to reduce your home loan liability within a shorter duration

1. Down payment:
 

A larger down payment can reduce your home loan amount, allowing you to repay the loan faster 

2. Tenure:
 

A shorter loan tenure reduces the loan liability period. However, it could mean a higher EMI, so ensure you are comfortable with the amount 

 

 

3. EMI amount:
 

When interest rate changes occur, check if the EMI amount can be increased rather than the loan tenure to speed up repayments

4. Interest rate:
 

If interest rates fall, check with the lender if the home loan tenure can be reduced by increasing monthly payments  

5. Consolidate:
 

Consider consolidating multiple debts into one loan with a low-interest rate. The money saved can go towards your home loan repayment  

6. Balance Transfer:
 

Opting for a home loan balance transfer can help reduce your interest payout

IDFC FIRST Bank offers a FASTTRACK Balance Transfer facility and affordable interest rates on home loans and balance transfers.

So, make the most of these available facilities and take control of your home loan repayment today!

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.