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What you should do After Taking the Loan or Mortgage?

We call it being Smart. So here is some information to help you plan and better manage your loan and mortgage repayments

Here are four ways to kill off your debt and remain smiling:

  1. Increase your EMI outflow-You will end up paying off your debt faster if you can consider the option of increasing your EMI outflow.
  2. Switching to a bank offering better interest rates- If you find that you are stuck in a higher band of interest for a long period of time compared to the current market rates, you can consider switching your loan to a bank which offers you a loan at a better rate of interest.
  3. Partial pre-payment of loans– Every time you get some cash from family or friends or any other sources, direct them towards making pre-payments on your home loan.
  4. Finally, talk to Homeinuganda.com if things seem not to work out!

We have compiled below some of the ways for you to better plan your EMIs:

  1. Changing your perspective about your loan– The first thing to keep in mind is that your job should help you pay it off. And if you have assets or other investments, do not squander your money.
  2. Shouldering responsibilities in a better way–  If you are married, separate your loan and savings accounts. This way, the home loan EMI can be deducted from your spouse’s salary account, while all the household expenses are taken care of by the other spouse’s salary. You can also open up a joint account where you can build a contingency fund bit by bit, so you do no miss even a single EMI.
  3. Considering pre-payment option– This can be a great thing to do. If you do say a wedding anniversary, friends and family may give you some cash. Instead of spending this chunk of money on a fancy curved LED TV, make a partial pre-payment on your loan. Let the TV or Car wait!

Most of often, there are times in life when one is faced with an unavoidable financial crunch and as a result may end up missing some EMI payments. In such cases, your bank will allow you pay the missed EMI with that of the next month. Its important to know that missing your EMI payments can call for fines as below:

Use this calculator to estimate your monthly payment.

Down Payment: Is the amount of money you will put towards a down payment on the house.

Loan Term: This is the length of time you choose to pay off your loan.

Interest Rate: Is the interest rate for the loan you will receive.

Property Tax: Is the annual tax on homeowners’ property.

Property Insurance: This is for damage protection for your home.

PMI: This is required to protect lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan.

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