Repay 25 years loan in 12 years | Use this simple trick

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A lot of home loan takers don't know amortization chart.

You want to save money just remember one thing

Make a bulk payment on month 2

Suppose you avail a loan for 180 months (15 years ) and you start your loan on say May 2024. After your Frist emi of May 2024 – make a payment of say X lakhs

Now comes the important questions – how do I repay on month 2 of my tenure. It depends on your bank ( which is the reason I always bank with ICICI for home loans for last 23 years since they allow part payments after month 1. I never go for home loan or car loan where part payment is not allowed immediately ( ex HDFC i never like them because of their strict clause)

Now how will I get the money for part payment

This is in your hands. Lot of home loan are availed in wrong way

People put maximum money in hand and go for a loan for rest

Let's assume you have 30% in hand and 70% comes from loan . Change this equation ( 20% from hand , 80% loan and 10% in hand goes as part payment after month 2)

This is secret bankers will never tell. Banks strive on home loans on the first 5 years of tenure

Option 2 – go for higher tenure and lower down payment and keep excess cash for first down payment

Remember you make a killing of savings if you make a payment on month 2

Like what is said in this video – regular payment helps but payment on month 2 is something no finance bloggers don't tell.

Remember please don't go for small interest percentage savings and lose the repayment option in home loan( example if HDFC offers 8.4% interest rates and doesn't allow repayment in first 12 months and ICICI offers 9% interest rates but offers repayment after one emi I would prefer ICICI over HDFC )

Remember to download amortization chart which tells you how much interest you pay per month.

You can easily calculate how much money you save by making a repayment on month 2.
Your home loan tenure reduces by atleast 40+ months depending on amount you pay on month 2

Is there a way to close personal loan early?

Bro business loan how to close fast

Will the bank allow us to that on a regular basis??

Enga bro minimum 5L than repayment nu vaikranga. 😢

if i earn 1laks and i pay 40k .. sudden ah 3 months apram 80k katta sonna balance Irukura 20k vachu epti enoda other expenses manage panna mutium…

Practical ah pesuga bro