raaman
Valued Contributor
In the case of a home loan taken from a bank or a financial institution, the monthly installment of repayment of your home loan should be determined based on the annual income received.
The longer the home loan repayment period is chosen, the lower the monthly installment of the home loan to be paid to the bank or the financial institution concerned.
As a result, the budget will not greatly affect the monthly household expenses to any extent. At the same time, it is worth noting that the amount of interest to be paid on the home loan amount can be significantly reduced.
For this, the installment period of repayment of your home loan should be reduced to a level where it is possible to build a higher EMI or equated monthly instalment, taking into account the expected increase in your income that may be available in the coming months.
The longer the home loan repayment period is chosen, the lower the monthly installment of the home loan to be paid to the bank or the financial institution concerned.
As a result, the budget will not greatly affect the monthly household expenses to any extent. At the same time, it is worth noting that the amount of interest to be paid on the home loan amount can be significantly reduced.
For this, the installment period of repayment of your home loan should be reduced to a level where it is possible to build a higher EMI or equated monthly instalment, taking into account the expected increase in your income that may be available in the coming months.