Home is the most fascinating dream for everyone, therefore when you plan a home you need to also need to ensure that you crack the best come loan deal. There are certain things in mind that you need to keep before you borrow the home loan and certain things to be considered to pre-close your home loan quick and easy. First let us quickly go through things you need to keep in mind while borrowing a home loan if you want to pre-close your home loan Quick and Easy:

1. Nil Fore-closure Penalty: If you are planning to take a home loan just keep in mind to see that there is a Nil Fore-Closure Penalty clause. With this clause you will be able to close your Home Loan account without being charged any penalty towards the closure of home loan. Compare your home loan offer with other leading in offers in town by making use of Letzbank portal.

2. NIL Part-payment Penalty: Check the part-prepayment clause and ensure that your lender allows you to make a part-pre-payment when you apply for home loan. This will ensure that you are able to make payment and reduce your loan every time you have money.

3. Home loan at Lower Rate of Interest: You should keep in mind that your lender should be able to offer you loan at the least interest rates. By opting for home loan at lower Interest rate you will be able to lower down the overall cost of your home loan and thereby making it easier to repay quick and easy.

Enlisted below are tips to keep in mind after you have borrowed home loan to pre-close your home loan quick and easy:

1. Save Money to gather enough for fore-closure: If you have borrowed loan for a period of 25 years which is normal loan tenure these days, you end up paying more towards interest during the long tenure. On the other hand you get enough space to save money every month to contribute towards your loan. Say even if you are able to save Rs.5000 per month it will make your contribution Rs.60,000/- for a year and that is a big amount. Savings by means of LIC policy, mutual funds, recurring deposits, etc. in the banks are also helpful so that you can pay the money towards your home loan at the time of maturity.

2. Do not miss to pay your EMI: Defaulting is not a good idea at any cost. It is better to pay smaller EMIs than committing for higher EMIs and defaulting. Any default in payment adds on to the cost of your loan as the bank will levy penalty on every default and it won’t be wise to add on to the cost of your loan deal.

3. Consider Home Loan Re-finance: Compare the current home loan offers. If you have borrowed your home loan at a higher interest rate then you can re-look into re-finance option and get a home loan at a lower interest rate for you to make a pre-closure of home loan pretty quick and easy.

Use these tips to pre-close your Home Loan pretty Quick & Easy!

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