Everyone dreams of having a house in this run-down world. Many times there is no full money to buy a house, which has to shift towards home loan. Home loans also help in saving tax. However, after taking home loan many times, it becomes difficult to repay its EMI. Especially when your regular income sometimes gets shaky. Home loan borrowers can use several optional tricks to reduce their home loan EMI burden. On payment of the principal of a home loan, there is a benefit under Section 80C of the Income Tax Act. You get the benefit of Section 24B on payment of interest. If you are also worried about the home loan payment, then we are telling you some such measures which will reduce the burden of your home loan EMI.
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The salaries are increased once in a year. So increase your EMI amount gradually. If you increase your EMI amount every year, then the loan period will decrease, which will help you to repay the total outstanding loan amount. If earnings increase, then you can increase your EMI in proportion to that.
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Home loan overdraft facility can be opted for with home loan account to reduce the interest rate on home loan. Through this facility, apart from your EMI, you can deposit additional money in your home loan account. Keeping additional amount in your account will reduce your interest money and loan tenure. Additional amount can be withdrawn from the account if needed. However, one thing is that on withdrawing money from the home loan account, the interest amount on the loan will increase.