Home loan EMI payment saving tips: How to repay a Rs 50 lakh home loan in less than 10 years
To repay a Rs 50 lakh home loan in less than 10 years, consider the following strategies:
1. **Increase the EMI**: Paying an extra EMI each year can significantly reduce the interest paid over the life of the loan. For example, if you pay an extra EMI each year, you can save around Rs 10 lakh on a Rs 50 lakh home loan[4].
2. **Optimize the Loan Tenure**: Shortening the loan tenure can reduce the total interest paid. For instance, paying off a Rs 50 lakh home loan in 5 years instead of 10 years can save around Rs 5.5 lakh in interest[3].
3. **Choose a Lower Interest Rate**: Lower interest rates can significantly reduce the total interest paid. For example, if you can secure an interest rate of 8.40% instead of 8.75%, you can save around Rs 1.5 lakh in interest over the life of the loan[3].
4. **Use a Home Loan EMI Calculator**: Utilize online calculators to determine the best repayment strategy for your specific situation. These calculators can help you compare different repayment options and identify the most cost-effective approach[2][3].
By implementing these strategies, you can effectively manage your Rs 50 lakh home loan and repay it in less than 10 years.
Sources
[1] 50 Lakh Home Loan Emi for 10 to 25 Years @ 8.75% p.a. - Axis Bank https://www.axisbank.com/retail/loans/home-loan/50-lakh-home-loan-emis
[2] 50 Lakh Home Loan EMI With Calculator And Interest Rates 2024 https://www.nobroker.in/blog/50-lakh-home-loan-emi/
[3] 50 Lakh Home Loan EMI Calculator - Interest Per Month 2024 - Scripbox https://scripbox.com/plan/emi-calculator/50-lakh-home-loan-emi/
[4] Home Loan Prepayment: How to save Rs 10 lakh on Rs 50 ... - Zee Business https://www.zeebiz.com/personal-finance/news-home-loan-prepayment-this-strategy-will-save-rs-10-lakh-on-50-lakh-home-loan-heres-how-1-extra-emi-per-year-can-help-you-save-huge-interest-cost-282688
[5] 50 Lakh Home Loan EMI and Interest Rate for 10, 20 and 30 Years https://www.hdfc.com/housing-loans/home-loans/50-lakh-home-loan-emi
