7 Ways That Can Actually Help You Repay Home Loan Faster

Posted Date: August 19, 2022

Today, the real estate sector is doing very well across the world, India being no exception with the added advantage of being a quickly developing country.

However, with property prices increasing rapidly alongside urbanisation, the common man finds it difficult to be able to invest in real estate. On the bright side, there are numerous home loan lenders that can help a potential real estate investor. The most common question among these investors would be ‘how to repay home loan faster?’

7 Ways That Can Actually Help You Repay Home Loan Faster

Apply for a home loan with a low interest rate

There are so many loan lenders across India, meaning that any potential real estate investor can apply for home loans through many lenders to increase their chances of availing home loan. It is although important to have a decent credit score. Do your research and compare the benefits offered by different loan providers to know of home loans that at offered at lower interest rates.

Pay more down payment

No matter where you avail home loan or wonder how to repay home loan faster, you have to inevitably pay down payment as a certain percentage of the property’s total value. Well, down payment can actually be a boon! If you pay more down payment, the loan amount can be lower, helping you repay home loan faster.

Opt for a shorter tenure

Even though lower EMIs may seem easily payable at a longer tenure, it is better to pay higher EMIs at a shorter tenure. This simple decision may be highly effective in how to repay home loan faster. Most loan providers let the borrower decide on the tenure which is usually between 15 and 30 years.

Cut down unnecessary expenses

While cutting down expenses is always advisable, it can also be an easy way as to how to repay home loan faster. Knowing what expenses can be avoided can help you in saving up more every month which can help you back in faster loan repayment.

Be prompt at paying EMIs

Always pay your EMIs on time. This not only maintains the financial flow as planned, it ensures that you repay home loan within the tenure that is agreed upon, if not earlier. Being prompt at any recurring payment can in fact play an important role in increasing and maintaining your credit score at its best. So, just sticking to EMI payments can be a good tip on how to repay home loan faster.

Consider joint home loan

If you are doing everything you can but are still stuck on how to repay home loan faster, you can always consider applying for a joint home loan with someone who can live with you on the property, such as a spouse or a sibling. This ensures that the burden of EMIs or repayment before tenure is shared by two people rather than just one, making it easier on both.

Consider resale if you own another property

If you own another property that you have not used in years and therefore does not fetch you any income or other benefits, it may be time to consider leasing it out or even reselling it. You can use the proceeds to finance the property that you wish to invest in. You can also use it as a collateral for availing home loan. A home loan of lesser value can always be repaid quicker.

If you have availed a home loan and need a reliable real estate consultant to guide you on how to repay home loan faster, GSS Projects ends your search. Clients from all over India have helped us grow by trusting in us and have thoroughly benefited from our services. Contact us to get expert real estate consultancy services.