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10 tips to manage home loan repayment


Having a debt always causes a mental strain. Whenever you seek a home loan, the repayment period extends from 2 to 15 years depending on the amount being borrowed. In such cases, people often are at a loss on how to effectively manage home loan repayment.

How should you manage?

Assume that your home loan has been sanctioned and you are liable to repay the principal amount along with interest amount. How have you decided to manage? Are your plans clear? Do you find loopholes or constraints in the repayment process at anytime in the future? Here are 10 tips exclusively for the borrowers:

Opt for a home loan from a bank that gives it at the lowest interest rate. If you have already sought amount from a high interest bank, transfer it to a lower interest bank with proper advice from finance expert.

Whenever you get incentives from your boss or get an unexpected excess amount, use that and repay a lump sum amount so that the balance amount decreases.

Increase the EMI amounts or pay a higher EMI amount so as to decrease the interest rate.

Find alternatives to quickly repay and completely reduce the repayment net value. For instance, you can bootstrap and later on pay them back with absolutely no interest.

Maintain a finance log every month so you understand your expenses and enhance savings.

Have a consultation with a finance consultant from Octopus Loan on a quicker repayment and at the same time, a safer one so that your other plans face no hassles.

Keep a check of EMI amount, interest fluctuations, market trends and use the calculator to stay cautious and overcome any hurdles arising in the middle.

Do not change your finance consultant or your savings proposal until the repayment is completed. This will disturb the entire home loan management and also keep you at stake.

Maintain a prediction list. Also, keep an eye on your credit score. This will let you play a really safe game throughout the loan repayment process.

Last but not the least, this point is very important. Borrow a minimum amount as home loan. Although you may be eligible to receive a higher amount, it is essential to remain safe while demanding your needs. Lesser the money, lesser the repayment period and quicker the completion. You can get relieved from the debt in a shorter period.


What affects majority of the people is the lack of direction. While people borrow the money from banks, they often forget that a consultant from Octopus Loan can do magic by adding ease to loan repayment management. The aforementioned tips would certainly help even a novice in managing a home loan repayment period safely. Every step would rather educate you in terms of planning, ideas and alternatives. The best opportunity offered by bank is that they set minimum dues but they do accept lump sum payments as well. Use such opportunities and overcome the burden happily!

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