Finance > Insurance > Home InsuranceAll You Need to Know About 聭Pre-Paying聮 Home Loan.
Posted by anuragmishra in Finance on March 29th Cheap Nike Air Max 2018 Outlet , 2017


Buying a home is one of the best decisions you can take, and if you have taken a home loan the EMI stands out every month till your tenure is over. Once the loan is taken it becomes your first priority to repay it back. It is a prudent decision to prepay your loan if you don’t require it. Home Loan Prepayment is financially beneficial for home loan borrowers.


The average home loan tenure is about 8-10 years in India, which means home loan prepayment is preferred by the borrowers. Home loan interest increases the overall cost of the property which means home loan eats into return from property.


Who can make a home loan prepayment?


Life is zero sum gain therefore it is beneficial for the borrower but a loss for the lender. Banks discourage borrowers to repay and it is mandatory in most banks for the borrower to be physically present for prepayment of the loan. If the borrower cannot be present then you can authorize your representative to prepay your loan on your behalf.


Should you invest or make a prepayment?


His is one of the biggest doubts in the mind of the borrower. If your investments get you better returns, more, then you can invest or opt out for prepayment. Home Loan prepayment is a better option in majority of cases as returns are in the range of 8-9%.


Should you reduce tenure or the EMI of the loan during prepayment?


Another dilemma in the mind of the borrower is whether heshe should reduce the EMI or tenure of the loan during prepayment? Go for the tenure as you have more financial benefits. Increase your EMI if there is an increase in your salary this will lower your interest.


While making your prepayment carry your identification documents like voter ID, PAN card, etc. Carry your cheque book to make your payments and also in case your EMIs are paid through cheque you need to give new cheques for the revised EMIs, don’t forget to collect your old cheques. Get your acknowledgement letter for the amount paid. Mention your name, home loan account number and your contact number behind all cheques.


Some banks need source of income of fund for the home loan prepayment, so carry six months bank statement of the account from which you are making your prepayment. Last but not the least; see that your bank updates your CIBIL database, with your prepayment amount paid and the principle outstanding thereafter. Prepayment is a good option if you have funds to pay, it is financially beneficial.


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Hurricane Irma killed eight people on the Caribbean island of Saint Martin and left Barbuda devastated on Thursday as one of the most powerful Atlantic storms in a century took aim at Florida.


TV footage of the Franco-Dutch island of Saint Martin showed a damaged marina with boats tossed into piles, submerged streets and flooded homes. Power was knocked out on Saint Martin, Saint Barthelemy and in parts of the US territory of Puerto Rico.


"It is an enormous disaster, 95 percent of the island is destroyed. I am in shock," Daniel Gibbs, chairman of a local council on Saint Martin, told Radio Caribbean International.


French Interior Minister Gerard Collomb said eight people were killed and the toll was likely to rise.


"We did not have the time yet to explore all the shores," Collomb told Franceinfo radio, adding that 23 people were also injured. In all, at least 10 people were reported killed by Irma on four islands.


Irma caused "enormous damage" to the Dutch side of Saint Martin, called Sint Maarten, the Dutch Royal Navy said. The navy tweeted images gathered by helicopter of damaged houses, hotels and boats. The airport was unreachable, it said.


The hurricane was on track to reach Florida on Saturday or Sunday.


The eye of Irma was moving west-northwest off the northern coast of the Dominican Republic on Thursday morning, the National Hurricane Center (NHC) said.


The island of Barbuda is a scene of "total carnage" and the tiny two-island nation will seek international assistance, said Gaston Browne, prime minister of Antigua and Barbuda.


Browne told the BBC about half of Barbuda's population of some 1,800 were homeless while nine out of 10 buildings had suffered some damage and many were destroyed.


"We flew into Barbuda only to see total carnage. It was easily one of the most emotionally painful experiences that I have had," Browne said in an interview on BBC Radio Four.


"Approximately 50 percent of them [residents of Barbuda] are literally homeless at this time," he said, adding that it would take months or years to restore some level of normalcy to the island.


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