Have you applied for a loan to buy your dream home? If yes, then read on to discover how you can repay your home loan easily.
Home Loans Repayment
In today’s financial market, you can apply for a home loan to buy property without any hassles. There are many banks and financial institutions that offer loans at an affordable price.
- Step-Up Repayment Facility
halvat vipit to step-Up Repayment facility is the best repayment option if you are just beginning your career. In this repayment mode, the payments will be calculated based on your income every year. As your income increases, the installment amount will increase. This will help you pay small installments when you are earning less and gradually the amount will be increased as you move ahead in your career.
- Flexible Loan Installment Plan
If your date of retirement is drawing nearer, a Flexible Loan Installment Plan would be the best option. Also known as step-down repayment option, the installment amount decreases year after year in this method. Initially, you will be asked to pay a high installment amount and it will gradually decrease during the loan tenure. You can pay off the higher installments when you are still working and after you retire, you can clear off the remaining small EMIs.
- Tranche Based EMI
You can opt for Tranche Based EMI when you are buying an under construction property. In this mode of repayment, you can choose an installment amount that you wish to pay till you get full possession of your property. Banks offer this facility so that borrowers can keep clearing off their debt while the property is still under construction.
- Accelerated Repayment Scheme
Accelerated Repayment Scheme offers you the benefit of adjusting your installment amount when you have additional funds. Therefore, if you wish to use the extra cash to repay your loan amount, you can do so by increasing the installment amount. This will enable you to clear off your debt faster and also help save interest charges.