Smart Strategies to Repay Your Home Loan Faster and Save Millions

• Making partial prepayments from bonuses or tax refunds can significantly reduce the principal and loan tenure.
• Gradually increasing your EMI by 5-10% annually can help repay the loan years ahead of schedule.
• Utilizing a Systematic Investment Plan (SIP) can generate higher returns than loan interest, allowing for a larger prepayment later.
• Even small, regular prepayments from extra savings or bonuses can make a substantial difference in reducing loan tenure.
• Consider transferring your home loan to another bank or NBFC if lower interest rates are available, but check all associated charges.

Why It Matters: Strategic prepayments, EMI increases, and smart investments can significantly reduce home loan tenure and interest burden.