Reduce the cost of home, reduce the burden of EMI, do these 3 things after the repo rate decreases

If you buy a flat of 70 lakh rupees, then you have to take a home loan of 60 lakh rupees from the bank. You pay this 60 home loan in 15 to 20 years. If you pay in 20 years and accept the rate of interest 8%, then your monthly EMI is Rs 50,186. In this way, you pay more than Rs 1.20 crore to the bank in 20 years, out of which 60.44 lakh rupees are interest. You can understand yourself that you will pay more interest than the principal. However, you can not only reduce the focus of your home by taking some intelligence steps but also reduce the burden of EMI. Let us know how you can do this after a repo rate cut.

Do these 3 things

1. Do not reduce eMi

Your EMI will be reduced after the repo rate decreases. This will definitely give you relief, but if you want your house to reduce it, then do not reduce it. He asked the bank that he kept taking old EMI from you. This will reduce your home loan ahead of time.

2. Decrease loan duration

To reduce the cost of the house, take another measure to reduce the duration of your loan. If you have taken a loan for 20 years, then set the goal of giving it in 15 years. For this, start increasing EMI. With this you will save big as interest.

3. Try to pre-pay

If you want to reduce the burden of home loan, then do pre-payment from time to time. You can do this with your bonus money, savings or any other income. If you do this, then believe me, you will be able to save well with reducing the cost of your home.

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