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| Home loan prepayments: Some important points | |||
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Home loan prepayments: Some important points.
The high home loan interest rates have
forced the borrowers to think of prepayments. However, prepayment of
home loans shouldn’t be just done impulsively. There are a lot of
factors to consider before making a decision to prepay a home loan or
not. Here are some basic things to consider.
Factors
to consider before prepayment: The current financial situation of the
borrower: Is there enough money floating around to prepay the home
loan? How much money is needed immediately or
in near future: Does the borrower have enough money to meet financial
exigencies? The home loan interest rates: Are they
likely to rise, remain at the same level or fall? Are there investment options available
which can give better returns (of course with minimal risks) than the
current , consider making
part- prepayments if your situation permits to keep the home loan
tenure to the same levels.
About The Author
Addi Sharma has been writing content for iTrust |
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