Easy Ways to Know How To Pay Home Loan Faster
CategoriesFeatured

Easy Ways To Know How To Pay Home Loan Faster

Every homeowner wants to pay off their home loan as soon as possible, as a lot depends on it. The home is a security for their family, and one cannot be slack about it. The sooner the loan is paid, the more secure the owner and his family will feel. Using the right strategies, home loans for flats in Kochi can be paid faster, potentially saving thousands of rupees and reducing the financial stress.

Let us consult our home loan guide to discuss these strategies so borrowers can pay their home loan faster.

1. Increasing the EMI Payments

One of the smart ways to reduce the loan is to pay more EMI annually. This is an option offered by many lenders these days to borrowers who can afford it. Even a small increase in the EMI payments can reduce the payments significantly. Another option is to make extra payments or switch to bi-weekly payments. This too can reduce the EMI in the long run.

2. Short Loan Tenure

The loan tenure and EMI payments are inversely proportional. If the loan tenure is long, then the EMI payments will be reduced but the interest component will be higher. On the other hand, by opting for a shorter tenure, borrowers may have to pay slightly more EMI, but the interest payment will be lower, and the loan will get paid sooner.

3. Pre-Payments

The RBI has removed prepayment penalties on floating-rate home loans, making prepayments easier. Making lump sum payments can result in significant savings. Use salary hikes, bonus payments and incentives to make prepayments to help you pay the home loans sooner.

4. Home Loan Balance Transfer

If you find a lender offering a lower rate of interest, then you can transfer the balance of your home loans to reduce the overall interest. Make sure that the processing fees and hidden costs are factored in the overall cost of transfer. You can make the transfer only if you qualify for the home loan with the new lender.

5. Lumpsum Payments

If you receive large windfall gains, use it to pay towards the home loan. An inheritance, gift deed, large bonus or an unexpected financial gain can be used to reduce the EMI burden. A large payment can reduce the overall loan amount, reducing the EMI.

Paying home loan faster requires strategy and planning. Sticking to the plan and making payments on time will help you save lakhs. Some builders in Kochi work with their homebuyers, helping them to repay their loans faster.

Top Amenities to Look for in Residential Properties in Kerala
CategoriesFeatured Kerala Real Estate

Top Amenities to Look for in Residential Properties in Kerala

Amenities have become an important criterion to consider when looking for new projects in Kerala. The increasing demand for housing has pushed builders in Kerala to offer the best amenities and facilities in their residential properties. Amenities define the quality of life residents can enjoy. Fitness, well-being, rejuvenation, and social life now hinge upon the quality of amenities provided.

It is for this reason that we discuss the top amenities to look for in residential projects in Kerala.

1. Basic Amenities

Water supply, power supply, and maintenance are basic amenities that cannot be compromised. These facilities do not fall into the category of “amenities” in the discussion. Yet, making sure that there is a 24-hour water supply, power supply, and maintenance is essential. Ample parking space is another important amenity that residents should check before they purchase their home.

2. Health and Well-being

Amenities that allow residents to be fit – physically and mentally are essential in today’s world where one does not have the time to avail these outside. Swimming pools, fitness centers or gymnasiums, children’s play areas, and open grounds and parks are spaces where one can take care of their physical and mental well-being. Open spaces also refresh the mind and provide open space for children to play. This is particularly important today when most children and adults spend time addicted to their mobile screens.

3. Safety and Security

A security system that prevents harmful entities in every form from reaching the homes is as vital as any other amenity. This includes a CCTV surveillance system, personnel guarding the premises, entrance and exit protocols etc will protect vulnerable members from danger. The security agency should be vigilant to notice unusual activities that may be harmful to the residents.

4. Leisure Amenities

Lounges, cafes, recreational halls, and open podiums are parts of the project where members can relax with their families and entertain guests. A social life is vital for recharging batteries which are drained by daily routines and meeting work commitments. These amenities are also useful to host events or occasions so that members can save on costs and have a convenient avenue for celebration.

Apart from the amenities discussed above, most flats in Kochi enjoy new and innovative amenities. Luxury projects in Kerala offer barbecue areas, temples, sports amenities, restaurants, spas, etc. These amenities may come at a premium price but promise to provide the ultimate experience. Amenities also provide a means to develop communities and groups within the project. Through interactions and common experiences, members can form bonds that bring them closer and induce a sense of belonging.

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