A popular adage says that the best investment on earth is a piece of earth. Buying a home that you can call your own is one of the wisest decisions that you can make. Unlike other financial investments, a house is associated with a lot of emotions too. The entire journey from scouting for a dream property to finally moving into it is challenging and exciting in equal measure.
People often go to great lengths just to have a home of their own. It is one of the biggest investments in life, and you surely do not want to compromise. You decide to apply for a home loan to bridge the gap between your dreams and reality. But a typical home loan is a long-term commitment that extends over 20-25 years. It is important that you efficiently plan your home loan repayment to get the maximum benefits without disturbing the family budget.
Here are seven easy ways to repay the home loan faster, save a few lakhs, and quickly become debt-free!
#1: Maximize the Downpayment
You can liquidate some low-yielding investments like a bank FD or insurance policies and divert the proceeds to make a higher downpayment on the home loan. Try to make the maximum downpayment possible to reduce the loan burden and quickly pay off the same.
#2: Reduce the Loan Tenure