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What pointers should kept in mind while home loan repayment?

rajukumar (Student) (35 Points)

21 November 2016

I am planning for repayment of my home loan. I want to know what are the basic points that I should know before going for the same. Is there any charges of fees associated in it?

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Nitin Arora (Financial Audits) (53 Points)
Replied 21 November 2016

There are few things that you should keep in mind while making a home loan repayment. They are mentioned as belows:

Make your EMI payment on time
You can do a part prepayment to reduce your tenure and your interest.
Your part prepayment amount should be more than 3 EMI amount(varies according to lender).
If you are not satisfied with the current home loan lender, then you can transfer your home loan to some other lender.
You get the option to foreclose your Home Loan anytime during your loan tenure. You will not be charged anything extra for foreclosing your loan.