Is It Good To Pay Off The Home Loan As Early As Possible

Paying off a home loan early will help you accomplish a lot of other financial obligations. Month-on-month payment towards the home loan from your hard- earned money could curtail your financial growth or other saving plans. We cannot deny the fact that the home is the basic need and an own house is a huge advantage. Prepaying a home loan when you have a good amount of money is a good thing to do as it relieves you off the debt burden. After closing the loan, you can very well focus on other plans such as your children’s education, vacation, wedding, or creating a contingency fund. It is certainly good be without any debt. 

Additional Reading: All you need to know about Pre-Closure of Loans

On the other side, prepaying a home loan will prevent you from creating a strong credit history which is one of the factors considered for credit score calculation. With a long credit history, you will get a magnificent credit score without a doubt.