How to Repay and Save On Home Loans?
Bangalore: Home is one of the basic necessities of life and to have a home of our own choice is one of the most common dreams in everyone’s life. At times, when we are not financially strong enough, home loans fulfills our dream to have a home of our own choice. Here are some of the facts about repaying home loans, as reported by Priya Nair from Business Standard.
Nowadays, most of the banks offer various home loan schemes and are encouraging people to avail this scheme and to fulfill their dreams. Apart from fulfilling the dreams, these home loans can also become one of the biggest responsibilities, if not repaid on time.
To soften the process of repaying a home loan, the Reserve Bank of India and the National Housing Bank has directed all the banks to remove the floating rate penalties and to consider the original interest rates. This has removed the penalty fees and also gives an option to the individual to save on repaying the home loans.