Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
Having your own home is a very important dream – one that is shared by many people the world over. Having your own home gives you the security of a permanent shelter and you don’t have to worry about dealing with pesky landlords. Another reason people want to have their own homes is that it is a space that you can finally make your own aesthetically, without restrictions or time limits.
There may be different reasons why people want their own home, but one thing most find in common is that it can be quite difficult to take care of a home loan. So if you are looking for ways to save on your home loans while paying them off, read on…
Putting down a bigger deposit rather than a smaller one will help. The more money you manage to put down in the beginning, the more you can save on interest.
You might wonder why you would want to do that – but this will actually help you save on interest. Rather than just paying one EMI a month, make home loan EMI payments every two weeks. It will be counted as a double payment and the outstanding principal will go down and hence the total interest charged.
Talk to your bank and ask for a lower interest rate. If your credit score is good, this really shouldn't be that hard to achieve. Having a lower interest rate means you have to pay back a lower amount.
Even if you are in a good place with your home loan, you can save some money by making the monthly payment as early as possible. This will help cut down the interest calculated, and help you save some extra cash. It will also help you clear your debt faster.
With so many pointers, you can easily save some money when it comes to your home loan.
This Article is for information purpose only. The views expressed in this Article are personal and do not necessarily constitute the views of Kotak Mahindra Bank Ltd. and its employees