On 9th May 2022 by Admin,
Buying a home is an outstanding achievement because you build equity that grows when the market value of your home increases. Your dream home gives you living security and more control over costs. However, buying a home does not come easy. As the world hinges on the volatile stock market, the home loan option is the best for homebuyers in the current scenario. Here are five smart tips to minimize the EMI amount
Home loan balance transfer
Select the bank that offers the minimum possible home rates for home loans. Furthermore, if you have a good credit score and negotiation skills, apply for a home loan balance transfer. Every bank provides home loan balance transfer offers. Finally, talk to your banker about appealing interest rates deals.
Repay principal faster
Repaying the principal faster reduces the future interest obligation and fastens the home possession time.
Maximize downpayment
Although it is recommended to pay at least 20 % of the market value as the down payment, increasing the amount during the down payment can save your money in the long run and reassures your lenders about your financial stability.
A loan for a shorter duration
You can bring down your interest expenses by shortening the loan tenure. A negligible increase in the regular re-payments reduces the loan tenure, saving you many years of liabilities.
Increase the EMI amount
You can bring down the total cost and loan tenure by increasing the EMI amount by 5 %.
Are you pursuing a home loan to buy a 4 BHK near Ravet hanging bridge? These smart tips will help you to reduce the EMI amount. If you are looking for a property in Punawale, explore Infinity World by Tulip Group. The group has introduced next-gen happy homes near Ravet hanging bridge which offers spacious 2, 3, and 4 BHKs in the heart of Punawale. Infinity World desirability further increases due to its proximity to work avenues, retail spaces, and daily essentials. Hinjewadi IT hub and MIDC industrial zone are close to the project.
Infinity World has excellent access to some of the best educational institutes, and Aditya Birla Memorial hospital is a few km away from its schools’ colleges and healthcare facilities. Infinity World offers a comfortable lifestyle to its residents of every age group, from luxury amenities to security. If you are hunting for spacious homes in Punawale, visit Infinity World.
