New Delhi: It is everyone's dream to have their own house. To fulfill this dream, people often take home loans. Since the amount of home loan is quite large. Its monthly installment (EMI) is paid for a long time. There are many types of risks and uncertainty in it. In such a situation, the sooner you can finish the loan, the better it will be. We are telling some measures, by following which you can finish the home loan quickly.

Reduce your home loan tenure

If you want to finish your home loan in a short time, you can opt for prepayment. Whenever you get a large lump sum amount through bonus or any other means, use it for prepayment of the home loan. This will reduce the principal amount of the loan and can reduce both the loan tenure and EMI. This will benefit you in two ways. Reducing the loan tenure will reduce your tension and you will also have to pay less interest to the bank.

Increasing EMI is also effective

If you get promoted or get a good package on changing your job, you can also increase the EMI amount. By increasing the EMI, you can reduce the burden of the loan quickly. Many banks give the option of revising the installment every year. If your salary has increased, you can take advantage of this and finish your home loan quickly.

Choose the loan transfer option

You should compare the interest rates of your loan with those of other banks from time to time. If your bank is charging a higher interest rate, then talk to it to reduce the interest rate. If it does not agree, then you can also choose to transfer the loan to a bank that is offering a lower interest rate on the loan. You can also take the advice of a financial advisor in this regard.