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Getting a home loan might not be a problem as long as you fit the eligibility criteria set by the bank or the NBFC. But it’s always smart to see how to save money while trying to pay off your EMIs on a regular basis. For the amount you borrow, you might be able to save money when it comes to interest rates and other hidden charges. If you have a good credit score, you’ll be able to get low interest rates. And if you are an existing customer of the bank or NBFC that you’re planning to get your home loan from, you can bargain for a low interest rate. This will save you a certain amount of money.
If you are planning to avail for a home loan, it’s best if you do some research on the banks that give you the best offers in regards with interest rates and other added charges. Once you get to know about them, you’ll be able to pick the best loan that let’s you save more. There are always pre-payment options to look into. You can pay off a part of your loan money at the starting stage of your tenure. This will give you an advantage of saving up on interest rates. Say for instance, you get a bonus. You can use that bonus to pay part of your loan. If you’ve already availed for a loan and think you’re paying more interest, you can always transfer you home loan balance to a new financial institute. This will also help you in saving more.
Saving money in the form of investments like mutual funds, can be a good option to consider. And then use the money to pay off your home loan. Managing your monthly funds will be crucial as you’ll be paying EMIs every month to pay off your loan. Being consistent in paying your monthly EMIs will be important. Check out the best home loans provided exclusively on CreditMantri!
Additional Reading: How to Reduce EMI on Home Loan