6 Smart Ways To Prepay Home Loans

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Here are our 6 ways to prepay your Home Loan.
Everyone wants to have a house of their own
without any problems.
It is a place where one spends their most of the
time.
Taking a home loan can create a problem if we
dont pay on time.
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Loan That Allows Part Payments
Home Loan?
The loan you take is dependent on your current
affordability which will increase with time.
You will be able to repay more and clear it
before the set tenure.
Check the terms conditions of your loan by the
bank.
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Your EMI amount as your Salary
Adjust the loan EMI as per your salary the
decided percentage.
In fact, decide on a of your salary to direct
towards home loan repayment.
This will reduce the tenure and rate of interest.
Prepaying even smaller portions of the loan can
save you considerable amount.
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Targeted Investments
Plan your investment with specific goals. So,
make sure to clear your home loan.
Determine the returns you would get time
period of investment
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SIP Investments
SIP is a way of investing a fixed amount of money
is in a pre-defined mutual fund scheme at a fixed
interval. You decide the amount, the SIP date and
the schemes in which you wish to invest. 
With SIP, one can stay invested for a longer
period of time. Over time as your investment
generates returns, the returns get added to the
amount and this in turn generates more returns.
The frequency of investment is usually weekly,
monthly or quarterly.
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Direct your Extra Incomes
This extra income can also be directed towards,
clearing your home loan.
Any extra money that you receive in the year can
be directed towards your prepayment.
Paying faster will reduce your debt.
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Avoid Missing loan
Missing a loan payment will call for a penalty
along with the loan EMI interest.
Prepaying your home loan will not only relieve
you from a major financial burden, but it will
also give you space to plan for other financial.
If you miss your payment it will also reflect on
your credit score.
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When you begin planning for a home loan You can
get both your personal Home Loan and business
credit score by applying directly on the link
mentioned below
https//cir.crifhighmark.com
Follow CRIF India on

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