Close your Housing Loan early with Pre-payment

Nov. 11, 2011 - PRLog -- Prepayment of home loans is best and easy way for closing the loans earlier. If we pre pay our loan early than the principal amount goes reduce. Most of the banks allowing pre-payment of loans with 10000 rs. But there are no charges forpartial pre payments of home loans.

From, Last 1.5 year’s home loan interest goes hiked after some intervals. In coming days, the interest will start going down. Banks reduces their housing loan rates at different times.

If you got a low interest rate housing loan than chances of looking on other banks low rates became goes down because the difference is too low in interest rates. RBI removes Pre payment penalty from the system. Some PSB banks already removed it.

If you take a loan transfer than paperwork and property verification process had done freshly. Another option for closing your housing is Increase in your loan EMI. If you can spare a portion of an increment to increase the EMI, considerable saving could be made. The EMI can also be increased by making use of money that was going into an endowment insurance plan or a recurring deposit in a post office.

Increasing the EMI can be done at any point during the tenure of the loan. There are generally no charges for increasing the EMI.

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