How a Salaried Couple in Their 30s Saved Lakhs on a Home Loan, Without Increasing Their EMI
It is a common belief that you either need to increase your EMI bandwidth or increase your income as home loan savings tips! Is it true? Well, not always. Let’s tell you a story of a 30-year-old couple who visited us years back, and how they saved Lakhs on a home loan, without even increasing their EMIs. The journey is one about effective home loan planning in India. For a premise, the couple took a home loan of ₹55 lakhs with a 20-year tenure at an interest rate of 9.5%. With manageable EMI payments, there was no such financial stress. However, after reviewing their loan statement for two years, they noticed something that blew their minds. Despite regular payments, the outstanding principal wasn’t reducing, and a major portion of their EMI was going towards the interest amount. Although this is a common situation, this scenario somewhere jolted them to rethink and seek help. They began exploring smart home loan strategies to take control of their loan repayment. Can I Reduce H...