Hello. I took a home loan in 2018 and was able to pay it this year. I made a lot of adjustments and followed a systematic plan to repay the loan quickly. So, I’ll be happy to share how to pay off your house in 7 years. There are several things you can do. One such thing is to increase your EMI, another is to make extra payments towards your loan and more. You can also opt for a balance transfer to help. Let me explain all the methods below.
How to Pay Your House Off in 7 Years?
Here are some ways that will help you repay your home loan quicker:
Increasing EMIs: You can repay the loan in 7 years by requesting the lender to increase your EMIs. Systematic increased payments will help you prepay the loan. Before you decide to do so, assess your financial situation and keep separate funds for everyday expenses.
Balance Transfer: Another thing which can help you repay your loan quickly is to look for a lender offering a lower interest rate. You can transfer your remaining balance to the current lender. With reduced interest, you’ll be in a better position to pay off your housing loan in the desired time.
Higher Down Payment: You can make a higher down payment around more than 20 percent of the house value. Do so only if you can manage the finances ahead.
This is all. I hope my answer helps you understand how to pay off a house in 7 years.
Get a Low Interest Home Loan to Repay Quickly Via NoBroker Home Loan Services! Some related information:Tips on Home Loan Prepayment Reduce EMI or Tenure?
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How to Pay Off Your House in 7 Years?
alanaa
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1 Answers
2 months
2024-10-31T19:50:17+00:00 2024-10-31T19:50:18+00:00Comment
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