How to manage your home loan monthly installments

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.
 

Mataracy

VIP 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.
Honestly this is my first time hearing about home loan. To be candid I did not like anything like loan because it will make one direct or indirectly a slave to the person you collect it from.
Though people do collect loan due to the low income earning or not capable of doing things on his/her own due to the lacknof resources.
 

sincerem

VIP Contributor
One should be able to cover the home loam taking base on the salary he or she receives. The individual shouldn't take a loan from the mortgage that he or she can't handle and meet up deadline. If not it will be rolled over to the next month and the delay attracts additional interest to it, compounding to more payment to be made.
 

Chibson

VIP Contributor
Before anyone take me home or loan he or she should know his financial capacity. The best way to pay your home loan is by apportioning some percentage of your salary to it. This can be done with a lot of discipline on your side and also cutting down on your expenses. I personally do not always advise people to take things on loan because or some disadvantages.
 

Briangsam

Active member
Paying off house loan could be blissful. But it has to be paid off smartly. So scour cheaper interest rates. This is the first and foremost recommended step, of conducting extensive research before opting for a home loan. Then prioritise and schedule. Try keeping a high amount. Opt for lump sums and use EMI Calculators. Switch Lenders if need be and pay an extra annual EMI.
 

Ozigba Richard Lamai

Active member
The best way to manage your home loan basic installment is for you as an individual to have a budget as an individual should know how much you pay monthly out of your income to manage your home loans another note to have problem with order challenges. As an individual who pays his loan monthly must be able to plan his income and know that he must pay setting amount for his loan every month.
 

Alexandoy

VIP Contributor
When we applied for a home mortgage in the bank, my wife and I made a thorough computation on how we would be paying the installments. We were renting a house for 8,000 pesos and the monthly installment of the loan is 11,000 pesos. You can see that it is not much of a difference. We were able to pay back the mortgage after 9 years.
 

Samuel72

Verified member
Before taking a home loan monthly installment I suggest you look and calculate your monthly income, you can't go and take a home loan when your monthly income is poor. And once you have taken such loan you need to keep a schedule on how to spend your monthly salary so you don't get stocked
 
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