Home Loan: You will not have to pay a single rupee of interest on the home loan. Hello friends, home or should we say shelter is an important demand of all of us in today’s time. Everyone needs food, clothing and shelter. We need a lot of money to build a house, so we either take a loan from a bank or take a loan from somewhere else. If we take a loan from any bank, we have to pay huge interest on it.
Tips to save interest while buying a home
Home is the biggest investment for most people. Buying a home often involves taking a loan, on which interest has to be paid. There are many ways in which you can save interest while buying a home.
Tips to save interest:
1. Increase Down Payment:
If you increase the down payment, you will need to borrow less, paying less interest.
2. Take a short term loan:
If you take a loan for a short period, you will have to pay less interest.
3. Find a bank with low interest rates on home loans:
Many banks offer different interest rates on home loans. Before taking a home loan, compare the interest rates of different banks and choose the bank with the lowest interest rate.
4. Make additional payment:
If you make extra repayments in addition to your home loan EMI, your loan amount will come down faster and you will have to pay less interest.
5. Avail Customer Features:
Many banks offer various customer facilities on home loans to customers, such as top-up loans, balance transfers, etc. You can save interest by using these customer features.
6. Avail Tax Benefits:
You can get tax benefit on interest paid on home loan. By availing these tax benefits you can reduce your tax bill.
7. Consult a financial advisor:
Before taking a home loan, it is always better to consult a financial advisor. Financial advisor suitable home based on your needs and financial situation