Moving into one’s home is a joy which we all want to live. The easy availability of home loan has made the task of buying a house easier. It is necessary to take the informed decisions about managing your home and your home loan. If you will act prudently then you can achieve high returns in the form of savings.
As a fund manager of the house, one is required to find varied ways of maximizing the advantages of the cash flows. You should prepare a list of various loans and savings/investments which you have made. Is there any place where your savings/investment is generating low returns than the home loan rates? There is no use of investing in such areas and therefore, in this situation, it would be advantageous to close all or some lesser returns savings/investments and then divert all funds towards closing the housing loan.
Different ways of repaying your debt quickly-
There are various ways of coming out of the EMIs and shortening your home loan tenure-
• By making partial pre-payment
• By switching to low interest rate
• By increasing the home loan EMI
It can be said that once you will close your home loan then only you will become the owner of the house and therefore, it is necessary to close the loan account as soon as possible because it will relieve you from any stress and will also help in improving your budget.
As a fund manager of the house, one is required to find varied ways of maximizing the advantages of the cash flows. You should prepare a list of various loans and savings/investments which you have made. Is there any place where your savings/investment is generating low returns than the home loan rates? There is no use of investing in such areas and therefore, in this situation, it would be advantageous to close all or some lesser returns savings/investments and then divert all funds towards closing the housing loan.
Different ways of repaying your debt quickly-
There are various ways of coming out of the EMIs and shortening your home loan tenure-
• By making partial pre-payment
• By switching to low interest rate
• By increasing the home loan EMI
It can be said that once you will close your home loan then only you will become the owner of the house and therefore, it is necessary to close the loan account as soon as possible because it will relieve you from any stress and will also help in improving your budget.
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