New Delhi, Business Desk. Everyone wants to have a home of their own, but many times there is not enough money to buy a house, which leads to a home loan. Home loans help in saving tax. However, many times it becomes difficult to pay EMI after taking home loan. Paying EMI becomes more difficult when there is no regular income or the income stops due to some reason. Home loan principal gets benefits under Section 80C of the Income Tax Act. At the same time, you get the benefit of Section 24B on payment of interest. If you are troubled by the burden of home loan, then by considering some things, you can reduce this burden.
redundancy payment
When you take a home loan, you usually get a loan worth 80% of the property. It is also called the loan to value ratio. The rest of the down payment has to be paid out of pocket. The more you borrow, the larger your EMI. So for small EMIs, try to borrow less and pay more in advance.
Increase EMI amount
Salaried employees can increase the EMI amount of the loan as salary increases. If you increase your EMI amount every year, then the loan period will decrease, this will reduce your loan burden.
overdraft facility
There is also an option of home loan overdraft facility along with home loan account to reduce the interest rate on home loan. Through this facility, apart from your EMI, you can deposit additional money in your home loan account. When there is extra money in the account, then the interest money and loan tenure will be reduced.
EMI date and salary date
If you keep the date of your EMI around the date of your salary, then you will not miss the EMI payment.
Can transfer balance
If a lender is found between the home loan period, the home loan can be transferred. Keeping this in mind, you can fill the home loan quickly.
