Who wants to pay their home loans faster, raise your hands?
Who doesn’t, right?
Loans are a part of our lives as adults and while it helps us get to our goals faster, it comes with a slightly different price: our time and our future funds for otherwise different things we can spend on.
So, the faster we pay off our home loans, the easier it will be for us to focus our resources on other things we want to buy and experience. But how quickly can I pay off my home loan, you ask?
We came up with a list of tips on what are the best ways to pay off home loan.
Find lower interest rates
Find a loan that fits your budget. Don’t go for huge amounts that will cripple you in the coming years. Choose an institution that offers lower interest rates.
Make higher payments
If in case there are increases in your budget monthly, allot some of it for your home loan.
Make extra payments
If you happen to come across some bonuses or other financial perks that let you have some extra funds, set aside some of it to put towards your home loan and pay even if it’s not your schedule yet. These can potentially lower the overall price that you’re paying off.
Cut back on other expenses
Do you really need that venti-sized cold coffee drink every night? Do you have time to maximise your streaming memberships in all 11 platforms? How about instead of takeaways and food deliveries, you experiment dishes on your rarely used kitchen?
Cutting back on other expenses is not only for paying off your home loan faster, but also a step towards a healthier lifestyle.
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