Here are 2 representative responses:
Rahul Choudhary, Director
When you apply for a home loan and start paying the monthly EMI. It adds to your monthly expenses and therefore makes it difficult for you to manage your monthly budget. The EMI consumes 30-40% of your total monthly budget. Apart from paying your home loan EMI, there are various other expenditures as well such as your monthly savings, FD’s, etc. that are unavoidable.
Here are a few of the ways using which you can reduce your EMI on a home loan:
To manage your monthly budget, you can get your home loan passed for an extended tenure. The thing which you need to be aware of with an extended tenure is that you will have to pay low EMI’s, with a high rate of interest. In case you pay a higher EMI every month, you will have to pay for a low rate of interest and you will be done with clearing the repayment soon.