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In this post, we will look at this. What are the benefits of increasing the EMI amount?: You can pay off the loan faster: Increasing your EMI amount will speed up the repayment of the principal amount. This will reduce the loan tenure and reduce the interest. You can improve your credit score: If you pay the EMI amount more, your credit score will improve. This will make it easier to get a loan in the future.
Flexibility: As your income increases, you can also increase your EMI amount to reduce the loan tenure and reduce interest payments.
Disadvantages of increasing the EMI amount: When you increase the EMI amount, it can affect your monthly expenses. If you can handle everything, there is no problem. Some people think that when they get extra money, they should spend it. However, paying the entire EMI amount may seem difficult.
What are the benefits of paying money in advance?:
Flexibility: If you get money in advance, you can use it to reduce your debt burden.
Interest savings: If home loan borrowers are repaying the loan throughout the loan term, they may feel that they have paid interest equivalent to the loan taken. To avoid this, when paying money in advance, you can pay only the principal. This can reduce the interest.
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