Hey there. I came across your query where you were asking how to pay off your home loan in 5 years and having done so, I can help you with it.
How to Pay Off Home Loan in 5 Years?
Partial Payment: Partial payment is a method where you make extra payments above your EMI. This doesn’t have a fixed schedule and you can make payments towards your loan whenever you can. This will help in loan repayment at a faster rate.
Prepayment: This is a method that revolves around making extra payments towards the mortgage systematically by increasing your EMI. You can also make lump sum payments to clear off your debt in a shorter duration.
Keep an emergency fund aside: To pay off your loan in 5 years, you’ll need systematic planning, which involves keeping an emergency fund aside and only touching it at the time of a crisis. Understand the extra payment you can make to sustain your lifestyle simultaneously.
Higher Down Payment: You can pay a higher down payment if you have enough funds. You can pay up to 25% of the home value which will help in reducing the interest amount and so will the EMI.
This is all I have to share with you regarding how to close home loan in 5 years. I hope you find this information helpful.
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Authors Of The Question
How to Pay Off your Home Loan in 5 Years?
Jignesh
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1 Answers
6 months
2024-06-30T23:33:55+00:00 2024-08-06T15:09:47+00:00Comment
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