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RudraRaghavan

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Most of us think of housing finance companies when we want a home loan, and it is only obvious to do so, given the knowledge that these corporations have in the home loan segment. However, these companies have grown over time and have expanded their portfolio of loan assistance also to satisfy the requirements of the non-housing section. You can get in touch with housing finance organisations for several other kinds of loans such as the purchase of commercial property or the financing of business or personal expenditures. Let us look at the loan options in the non-housing segment offered by housing finance companies: Top-up loans They are designed for those who have already taken a home loan. Usually, housing loan settlements stretch over a long duration. During this period, you may require extra funds for various reasons such as marriage expenses, medical treatment, or children’s education. In such scenarios,…

When you decide to take a home loan from the bank or NBFC, you enter a long-haul obligation, considering their repayment stretches up to 30 years. You not only avail tax benefits, but it also has some impact on the present and future finances. Therefore, you should aim to pay off the loan as soon as possible. You need to also carefully manage other related factors as well such as repayment tenure and monthly instalments. If you wish to foreclose your housing loan, follow the mentioned tips – Short tenure: When you take out the credit, the term plays a crucial role in closing the loan early. Always opt for term that is as short as possible as it allows you to repay the credit quickly. However, this could also mean shelling out higher EMI amount because the tenure has direct impact on your EMIs. When you use the home…