Home loan repayment: Six practical strategies for financial freedom, homeownership achievement

A home loan not only facilitates home ownership but also provides tax benefits, impacting current and future financial well-being. Speeding up the repayment process is advised, and here are six ways to pay off your home loan faster:

1. Balance transfer: Move your remaining loan amount to a different bank with a lower interest rate, reducing EMIs for faster repayment.

2. Timely EMI payments: Opt for auto-debit to ensure timely EMI deductions, avoiding late payment penalties and higher debts.

3. Avoid additional loans: Steer clear of acquiring additional loans while having an active home loan to maintain your financial strategy and prevent missed EMIs.

4. Save and repay: Allocate extra funds towards making additional payments on your home loan, reducing the loan balance and interest costs.

5. Prepayment: Speed up repayment by making a lump sum payment covering both interest and principal balances.

6. Shorter tenor: Choose a shorter loan tenure for significant interest savings, considering its alignment with your budget and financial preferences.

Achieving your dream of home ownership sooner is possible with regular payments, higher EMIs, and financial discipline. Refinancing, utilizing tax deductions, and prudent financial planning contribute to a quicker repayment journey.