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 Gurgaon News  | Gurgaon Blogs  |  Gurgaon Article

Assist Young borrowers with easy EMI Scheme
07/08/2014
It is not easy to buy a home in today’s time due to sky-touching property rates. Therefore, it has noticed that most of the people take loan from the banks to buy their dream homes in their dream locale. The borrowed loan can be repaid to the banks on a fixed installment scheme known as Equated monthly Installments (EMIs). With accelerating your EMIs, you can also speed up your repayments of home loan. EMIs assist borrowers in easing the burden of repaying the debt in the initial years. Besides that, EMI also boosts loan eligibility of the borrowers. In this case, the amount of EMI can be recovered in parts.

In the initial years, borrowers need to pay quite a low EMI as compared to later years. With passing years, the amount of EMI is also increased which put more burden on the borrowers. Therefore, paying the EMI in initial years eventually reduce the burden of paying higher EMIs. The borrower can also acquire tax benefits for a longer period of time as a big amount of early year’s installments is to be paid towards interest. It is to be noted that interest on tax is actually a cost, though the cost of borrowing is reduced by the tax benefits. With this manner, borrowers can arrange their savings in other beneficial investments schemes that are known for providing high returns.

With adjusting the cash flow over a period of time through setting-up a lower outgo, borrowers can simply earn more in later years. It helps those who simply want to borrow loan quickly but don’t want to pay higher EMIs atleast in early years. Therefore, it is not wrong to say that it is one of the most beneficial facilities for young borrowers. However, one has to understand the fact that if the loan is depended on the varying rate of interest then there is always a big chance of higher interest rate risk. An increase in the interest rate basically defines that a part of interest will stay unreleased and added to the principal.

However, the principal repayment under step-up loan could initiate with immediate effect, tumbling the interest rate risk in this matter. There are two key phases for the process of step-up i.e. lower and higher rate. So, it is really important to be wise enough to choose the best process keeping in mind the high and low EMIs.









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