๐ How to Pay Off a 25-Year Loan in Just 15 Years – 3 Simple and Effective Strategies
๐ How to Pay Off a 25-Year Loan in Just 15 Years – 3 Simple and Effective Strategies ๐ Tired of paying EMIs for 25 years? It’s time to take control. In this post, we’ll show you three simple and effective strategies to help you close your long-term loan 10 years early—without compromising your financial stability. ๐ Loan Example Breakdown: Detail Amount Loan Amount ₹30 Lakhs (example) Interest Rate 8% per annum Monthly EMI ₹23,000 Tenure 25 years Total Repayment ₹69 Lakhs (approx.) ๐ If you reduce the tenure to 15 years, you could save ₹15–18 Lakhs in interest payments. ๐ก Strategy #1: Increase Your EMI Every Year Boost your EMI by 10% annually As your salary grows, increase your EMI accordingly This automatically reduces your loan tenure and total interest ๐ Example: Increasing your ₹23,000 EMI by ₹2,000 every year could help you close your loan 6–8 years early. ๐ฐ Strategy #2: Make One Big Prepayment Every Year Use bonuses, side hu...