Manage Your Festival Expenses : Tips For Lowering Your Home Loan
Tips For Lowering Your Home Loan : As the holiday season approaches, we’ve compiled a list of tips to help you save money, manage your expenses, and pay off your mortgage faster while still enjoying yourself.
The scent of flowers and mouthwatering sweets is all around these days, indicating that the festive season has arrived. With the holiday season comes the opportunity to buy your first car, bike, air conditioner, or new home. As sales, offers, and discounts pique your interest, here are a few pointers to help you save money and manage your expenses during the Diwali festivities.
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Manage Your Festival Expenses
To begin, as a general rule, plan your expenses ahead of any major celebration. It ensures that you don’t go over budget and keeps you in check when you try to outdo the neighbourhood Diwali celebrations. This is not to say you should not celebrate. However, you should estimate your planned purchases, regular expenses, and monthly EMIs so that you can celebrate the occasion without breaking the bank.
Second, if you have been considering purchasing your own home, I would advise you to wait until the holiday season is over. Because this time of year is considered auspicious for new beginnings, many people intend to buy their first home. Furthermore, builders and lenders throughout the real estate industry provide incentives on the purchase of new homes, home loans, discounts on processing fees, low interest rates, zero stamp duty, gold coins on pre-bookings, and other benefits that can significantly reduce your initial expenses. Assume your dream home costs Rs. 20 Lakh, and you intend to pay Rs. 5 Lakh out of pocket as a down payment and borrow the remaining Rs. 15 Lakh.
During the festive season, your builder may offer some per square foot discounts, resulting in a revised pricing of Rs. 18 Lakh. You can now pay a lower down payment, as we recommend, or pay the same down payment and take a Rs. 13 Lakh loan instead. The most effective way to reduce your loan is to take out a smaller loan.
Tips For Lowering Your Home Loan
Third, if you already have a home loan, make the most of your Diwali bonus. You’ve probably heard the proverb “a stitch in time saves nine.” This means that making on-time payments can save you a lot of money on interest rates. Many lenders offer the option of prepayment, in which borrowers can pay an amount in excess of their EMIs. This amount is completely deducted from the principal amount. Because the borrower does not pay interest on this amount during the loan term. They save interest that would otherwise be due on it in the future. You can choose between a one-time lump sum payment and small prepayments over time. In this manner, your one-time bonus will bear more fruits in comparison to its value in the future.
Plan your budget now. Set aside some money for emergencies, and set aside some money for special occasions. Use your Diwali bonus wisely. You will be stress-free, and the joy will last for years for you and your family.
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