Home loans have emerged as one of the most important steps for acquiring a residential property of one’s desire. With enhanced features and benefits, housing loan has become an affordable option for several potential homebuyers. Also, the repayment process, involving home loan EMI, is straightforward, thanks to the flexibility of tenor.
However, one may wonder whether it is the best option to stick to paying predictable EMIs or avail a moratorium period for EMI payment. While both these procedures have their own features and advantages, each choice has a long-term financial impact. Thus, the best way to determine the better option is to study the advantages of both EMI payment and moratorium.
What are the benefits of EMI payment?
EMI repayment procedure presents a financially viable way to acquire a desirable residential property. With EMIs, individuals can thus significantly reduce an immediate financial obstacle that presents itself in the way of purchasing a house.
Therefore, the most prominent benefits of home loan EMI include the following pointers –
Additionally, EMI payment also secures one’s financial future by timely amortisation of the housing loan. However, it becomes important to understand how a home loan moratorium period provides a financial benefit to individuals.
What are the advantages of a moratorium period?
Essentially, a moratorium period on a home loan is a grace period. Additionally, financial institutions often refer to it is a ‘holiday period’ since an individual receives temporary relief from EMI liabilities.
Moreover, the advantages of a home loan moratorium period are as follows –
Therefore, individuals should carefully analyse their own financial needs and choose the most suitable option for them. Additionally, they should opt for housing credit from reputed lending agencies to benefit from affordable interest rates. They can also procure high-value home loans up to Rs.3.5 crore to finance their requirements.
Some reputed lenders provide pre-approved offers on secured debt instruments such as home loans and loan against property. With these, people can significantly save time and energy during the approval process. You can check your pre-approved offers just by entering your name and basic contact information.
Therefore, individuals should choose for themselves whether they want to walk the path of consistent home loan EMI payment or temporary financial relief. Besides, they should adjust their economic strategy for any repayment option that they choose.
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