Home Loan Prepayments - Some Important Points

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Home Loan Prepayment Benefits
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Home Loan Prepayments - Some Important Points
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The high home loan interest rates have forced the
borrowers to think of prepayments. However,
prepayment of home loans shouldn't be just done
impulsively.
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Always calculate the total amount you have to pay
to the bank. This included the home loan interest
with the principal. This will give you a clear
idea on the amount of money you owe to the bank.
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There are a lot of home loan prepayment benefits
to consider before making a decision to prepay a
home loan or not. Here are some basic things to
consider.
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Factors to consider before prepayment
The current financial situation of the borrower
Is there enough money floating around to prepay
the home loan? How much money is needed
immediately or in near future Does the borrower
have enough money to meet financial
exigencies? Are there investment options
available which can give better returns (of
course with minimal risks) than the current home
loan rates?
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Important points
If you are planning to invest the money instead
of prepaying, calculate the total earnings by
investments over the entire duration of loan
amount. Always deduct the tax liabilities so as
to reach exact figures.
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