Purchasing a home is one of the largest financial decisions in life. Although it is a dream fulfilled, contemplating paying EMIs for years is usually quite daunting. With intelligent planning, you can decrease the burden of your monthly home loan EMI and relish your homeownership experience with peace of mind. Here’s the residential property buyers’ guide:
- Save for a Larger Down Payment
Attempt to save 20–30% of the property price as a down payment. Your initial investment is higher, and so your loan amount is lower, which indirectly decreases your EMI and interest payable.
- Take Less, Pay Less
Taking a smaller loan directly translates into lower interest in the long term. Organise your finances in advance so that you borrow only what you actually require.
- Carefully Consider Choosing a Longer Loan Tenure
By spreading out your loan payments over a longer period of time, you can reduce the size of your EMI. However, counteract this by taking your long-term financial goals into account.
- Negotiate for Lower Interest Rates
Do not hesitate to negotiate the interest rate with lenders. Even a marginal variance of 0.25% can save you lakhs over the loan period.
- Opt for Home Loan Balance Transfer
If your existing lender is offering you a much lower rate of interest, you can opt to transfer the loan balance. This can slash your EMI and interest outgo.
- Do Part-Payments Whenever You Can
Use any bonuses, incentives, or extra money you receive to contribute to your principal in the form of part-premiums. As a result, tenure and EMI are decreased.
You can lessen the strain of home loan EMIs and turn your ideal home into a more comfortable reality by using these wise tactics. And if your dream is a home in Tathawade, check out Prithvi Paradise NXT – with well-designed 2 & 3 BHK apartments with 25+ lifestyle amenities in a prime location. The ideal mix of convenience and value, it’s the first step towards hassle-free homeownership.
