Learn How to Reduce Home Loan EMI.
If you are also facing a lot of trouble due to your increased home loan EMI, then we are going to tell you How To Reduce Home Loan EMI. Here are some solutions. The biggest effect of increasing the interest rate of the Reserve Bank of India is on the home loan. After increasing the repo rate, most of the banks have increased the home loan interest rates by up to 2 percent. After this, the burden of EMI on home buyers has increased.
Understand loss like this
The disadvantage of increasing the repo rate of RBI is more on those who take loans of large amount and long term. Suppose if you have taken a home loan of Rs 50 lakh. He has 20 years of installment left, as well as the interest rate has increased from 7 to 9.25 percent, so your EMI will increase from Rs. 38,765 to Rs. 45,793.
The loan amount will increase by this much
The total amount of your loan is increasing by about Rs 16.86 lakh. It will increase from Rs 43.03 lakh to Rs 59.90 lakh.
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These methods will reduce the burden of EMI
If you want to reduce the EMI burden of your home loan, then you have to take some measures. You can understand them at a glance.
- Home loan borrowers spend a major part of their monthly expenditure on EMI. Therefore, the lower the installment is kept, the better it will be.
- Partial prepayment or loan prepayment can be a great option to keep the home loan EMI under control whenever the interest rates are rising from the RBI or from the banks. This will reduce the rising burden of interest.
- Partial prepayment in home loan gives a lot of benefits. If the loan amount is Rs.50 lakh. Its interest rate is 9.40 percent, you have 15 years of installment left, so if you make a partial prepayment of Rs 7.5 lakh, then you can save Rs 17.73 lakh as interest. Also, the loan will be fully repaid before about 48 months.
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