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Home Loan and it's Components
In today’s real estate scenario, there are a lot of apartments available for home buyers to choose from, unlike the situation of more demand and less supply about a decade ago. With the choices in hand, buying a home is not a lot difficult anymore. However, for a common home buyer, things are still a little difficult when it comes to investing a huge sum of money in one go. Home loan is the best way out for these people as they don’t have to worry about arranging a large amount of money at a particular time.

Before you start thinking about applying for a home loan, it is very important to know that a home loan is a very big financial consideration. So, before anything else, you need to plan your finances very astutely to save yourself from any crisis occurring due to lack of planning and understanding.

There are three very important components of a home loan that a borrower should understand to seek all the benefits and to stay away from all the pitfalls. Tenure, EMI and prepayment are those three components that are vital to be understood in detail by the home loan borrower.

Equated Monthly Installment (EMI) accounts for the amount of money that a borrower has to pay to the lender every month. EMI includes a part of the principal amount that the borrower has taken from the lender as well as the interest. In the beginning, EMI includes a major part of the interest while in the later years of loan tenure principal amount forms a major chunk of the EMI.

EMI is directly dependent on the rate of interest prevalent on home loans at a particular point in time. Depending on their capability, borrowers can either choose a short term or a long term loan. However, to do away with the stress of a loan, shorter tenure is suggested. But, in case of a shorter tenure, EMI is significantly higher.

Prepayment is a good option for borrowers who are finding it difficult to cope with the interest rates of loan. If the borrower has received any bonus or a large amount of money from any other source, prepayment of loan is highly advisable to get worry free. There are no penalties on prepayments and you can also pay a big part of your borrowed amount depending on the money you have received from one or the other sources.

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