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The Dos And Don’ts For Home Loan Prepayment

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ShreekantRao
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The Dos And Don’ts For Home Loan Prepayment

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  1. Loan Against Home

  2. The Dos And Don’ts For Home Loan Prepayment

  3. Prepaying your Home Loan can be a bit tricky, especially when you’re not aware of the formalities and extra charges involved in the process. • Prepayments might be beneficial for you financially as they help reduce the burden of interest, thus reducing the overall cost of the property.

  4. Choose your Loan Against Home wisely Although this applies to the initial phase of getting a Home Loan, you need to put in a lot of research before deciding which one to go with – especially if you plan on making a prepayment at some stage. • It’s advisable to check all the options being provided by various banks before taking the final call. Choose a scheme that gives you an option to prepay without charging you for it.

  5. To ensure that prepaying a loan works to your advantage, keep your EMIs unchanged. • When you decide to prepay, you get two options to choose from—you could either reduce the EMIs or reduce the tenure of the loan. In both these cases, the aim is to keep the EMIs unchanged. • so, choose an EMI amount you’re comfortable with and try to keep it as steady as possible. Calculate your EMI • [Source: https://blog.bankbazaar.com/the-dos-and-donts-of-a-home-loan-prepayment/]

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  7. Click to know more on Loan Against Home: https://www.hdfc.com/loan-against-property Thank You…

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