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Offloading Your Home Loan Liability Sooner

A person handing a house key to another person, symbolises offloading home loan liability sooner, wi

Whether you are buying a mid-sized house or a premium property, chances are high that you would take a home loan. The best time to take a home loan in India is while you are still young, so that you can pay off your home loan by the time you retire. In all probability, if you are a salaried employee or a self-employed professional, you wouldn’t like to carry the burden of your home loan for too long. There are several ways in which you can pay your housing loans faster so that you can focus more on enjoying the comfort of your home rather than enduring the headache of paying off your home loan.

For example, if you are going in for a property in an upscale area in one of the metros, you could end up taking a home loan of as much as Rs 25,00,000. If the tenure is 15 years at an interest rate of 8.40%, then the equated monthly instalment or EMI would work out to Rs 26,366. Just think for a moment. Carrying a burden of paying back an EMI of Rs 26,366 for 15 years would give you many sleepless nights. However, not necessarily if you are one of the many highly paid young professionals whose yearly income runs into crores. Even under such circumstances, you would like to look into ways in which your EMI liability could be paid off faster.

There are at least four ways in which you can reduce your EMI burden faster. The first is you can pay a higher EMI. This allows you to get rid of your principal faste, thus saving you the burden of paying interest rates for a longer time. The second option is going in for a partial pre-payment. This gives you twin benefits as this reduces the principal amount and also offers reduced interest rate with the passage of time. The third option is to increase your EMI with the increase in your income. This option enables you to channelise your surplus faster by paying back your EMI faster. The fourth option is to transfer your loan to a NBFC which charges a lower interest rate. In this case, a NBFC transfer fee may be applicable, and there might also be a processing fee.

At Sammaan Capital, the process of availing or transferring a home loan has been made easier by many useful tools. With the simple Home Loan EMI Calculator, you can calculate the EMI that you will be required to pay for your home loan. This housing loan EMI calculator will thus help you approximate your financial requirements based on your home loan amount, home loan tenure and home loan interest. With the Housing Loan Eligibility Calculator, you can calculate your home loan eligibility. It will help you to calculate the amount of housing loan that you are eligible for, based on the housing loan tenure and housing loan interest.

With the Tax Benefit Calculator, you can determine the tax saving opportunity that one can be eligible for on their home loan. Every principal and interest payment made against your home loan can be claimed for deductions in your income tax. Stamp Duty is the tax placed on your property documents during the sale or transfer of the property. It is levied across India at different rates. With our stamp duty calculator, you will know the exact amount that you will be required to pay as stamp duty in any state or city.

At Sammaan Capital, you can initiate home loan balance transfer to avail lower interest rates, save more with lower EMI’s, or even top-up on your home loan amount. You can also avail balance transfer on Loan Against Property.

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