Can we pay more than emi in home loan?

Taking a home loan is no more than a pain in the head. Of course there is joy in purchasing a house but if you are buying a house with a home loan you need to think about your finances too. You need to pay a huge amount of EMI every month from your salary and you also need to think about other expenses as well. If you have or are thinking about taking home loans you might have thought about home loan prepayment reduce EMI or tenure. I will share with you some easy ways to reduce EMI.

1. Prepayment 

If you are wondering can we reduce the tenure of home loans I have a suggestion for you. You can make prepayments by paying the principal amount to bring down your interest at the same time you can reduce your tenure as well. But for this, you need to approach your bank or lender because some banks do not provide this option.

1. Increase EMI

If you are thinking can we pay more than EMI in home loan then I would suggest increasing your EMI. You can secure a home loan if your EMI is equal to or less than 50% of your monthly income. If you get a salary hike after securing your home loan or you switch your job you can choose to increase your EMI to reduce the interest of the home loan.

1. Tenure

You can increase your tenure if you are thinking can I increase my home loan tenure or not. Well, most of the time we think that as soon as we pay off our home loan we will be burden free. But this is not always the case. The moment you are free of home loans you won't get any tax exemption. So to get benefitted you can choose a longer tenure or increase your tenure as well.

Remember to choose the lowest interest rate when you are securing a home loan. I hope you know about

home loan prepayment reduce emi or tenure

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