JobPrime
No Result
View All Result
Monday, June 16, 2025
  • Login
  • Contact Us
  • Home
  • Entertainment
    • Biography
  • Tnesevai
    • Patta Chitta
    • School Textbooks
    • Guideline Value
    • EC Online
    • Tnpds
  • Sports
    • IPL
  • Technology
  • Health Tips
Contact Us
JobPrime
  • Contact Us
  • Home
  • Entertainment
    • Biography
  • Tnesevai
    • Patta Chitta
    • School Textbooks
    • Guideline Value
    • EC Online
    • Tnpds
  • Sports
    • IPL
  • Technology
  • Health Tips
No Result
View All Result
JobPrime
No Result
View All Result

Why Must You Buffer Your Home Loan EMIs?

by Ashish
October 4, 2022
in Finance
0
Home Loan EMI
158
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

If there is a change in a financial circumstance, then the home loan buffer means a sum of money kept aside to manage loan repayment. A home loan buffer helps the borrower build a backup solution for the existing budget. When the times are in favour, creating a buffer is a good method to safeguard the borrower against the striking changes that may be unfavourable. 

If you have borrowed a home loan and experienced a sudden additional financial support, the buffer will help you to survive in the circumstances. HDFC home loan calculator helps to calculate and will support while paying off the home loan EMIs.

Why Should a User Buffer Home Loan EMI?

Buying a house is a dream for every common man. And the Indian Government is encouraging people to invest in homes by making investments which will make them eligible for a tax deduction. When a user purchases a home with the help of a home loan, they are eligible for various housing loan tax benefits, which will minimize the taxes. You can also keep a reserve of three months’ worth of home loan EMI payments to receive additional benefits. Here are a few justifications for doing so.

  • While purchasing a new house, users will have several other expenses apart from home loan EMIs. Expenses such as stamp duty, interiors, shifting expenses, home registration charges etc. are the costs.
  • In case the possession is delayed, users will experience an additional burden of the loan along with the monthly EMIs. Thus, you require a backup solution which can help to pay both house rent and EMIs. A housing loan EMI calculator can help to calculate the monthly EMIs and helps to manage the monthly expenditure.
  • If you are laid off from the job or do not have other income sources, then a buffer will help to make home loan EMI payments. Also, one can use a home loan EMI buffer to avoid penalties.
  • If an unfortunate event takes place and if it takes time to get the insurance policy benefits. Then in such a scenario, one can use a housing loan EMI calculator and home loan buffer to manage the situation. 

Steps to Buffer Home Loan EMIs

  • Work on Numbers

Before initiating a home loan buffer, check out the minimum amount you will require to save. To do it, you can use the HDFC home loan calculator, a premium tool which will help you to calculate. Some experts also believe in having an equivalent of six months of Home Loan EMI repayments to be saved. 

  • Think about Where to Put the Home Loan Buffer

The second step is to think about where to save the home loan buffer. You can also generate interest while developing the buffer. And, it is suggested to choose any savings or an investment account. One can also plan to link their loan buffer savings to their home loan, and performing this calculation can be a tedious task. One can use a housing loan EMI calculator and can count the amount. 

  • Transfer a Lump Sum Amount

If you have some additional money saved in other bank accounts, you can start building the home loan buffer by transferring all or a portion of this money into the redraw facility or your offset account. An HDFC home loan calculator can help you to calculate and plan your budgets.  

  • Strive to Get a Good Interest Rate

Try to get the lowest home loan interest rate. You can begin creating a buffer if you continue making the same amount of payments toward your home loan as you are currently doing. Use a housing loan EMI calculator or connect with a lender and understand how to lower the interest rates. If things are not in favour, then you can plan to transfer your home loan. Interest rates are at record lows, and there is currently fierce competition among lenders. And, it is the right time to refinance the home loan, and with an HDFC home loan calculator, one can plan to do it.

Conclusion 

Creating a home loan buffer requires a lot of discipline, and the above-mentioned steps in the article will help the process of building a home loan buffer easier. Similarly, tools such as the housing loan EMI calculator will also help you in calculating and managing budgets. And, if situations are in your favour, then you might not require to use the home loan EMI buffer amount. In such cases, one can calculate their amount and tenure accordingly with the HDFC home loan calculator and perform a complete prepayment or part pay of the home loan.

Table of Contents

  • Why Should a User Buffer Home Loan EMI?
  • Steps to Buffer Home Loan EMIs
    • Conclusion 
Previous Post

What is SBI Home Loan for Non-Salaried — Differential Offerings

Next Post

How Technologies Changed The Gambling World

Next Post
Ask a Divorce Attorney: Do You Need a Divorce Lawyer for a No-Fault Divorce?

Ask a Divorce Attorney: Do You Need a Divorce Lawyer for a No-Fault Divorce?

No Result
View All Result
  • this expert pressure washing serviceSweet and Spotless: How Pressure Washing Transforms Your Home into a Candy-Colored Masterpiece
    In general
    April 10, 2025
    Imagine your home as a giant piece of art—a vibrant, […]
  • The Evolution and Impact of ID Document Scanners
    In Technology
    October 9, 2024
    In a world where digital transformation continues to […]
  •  All You Need to Know About Tyre Protection Coverage in Car Insurance
    In Insurance
    August 1, 2024
    Indian roads can be tough on your car, especially the […]
  • Tax complications prevent India from catching up with China in investment
    In Entertainment
    July 28, 2024
    CEO Insights reports that India is looking to catch up […]
  • Navigating the Volatile Stock Market: Building Resilience
    In Business
    July 13, 2024
    The stocks market is volatile, meaning there is no […]
  • Transform Your Ride with Premier Window Tinting Services in Orlando
    In Automotive
    July 12, 2024
    Introduction Window tinting is more than just a […]
  • Stackable BandsHow to Use Stackable Bands to Add Style
    In Business
    May 23, 2024
    Introduction To begin, adding stacked bands to your […]
  • Health InsuranceUnderstanding the Difference Between Long-Term and Short-Term Health Insurance Coverage
    In Insurance
    April 20, 2024
    When doing health insurance planning, you often have […]
  • Affordable AC SolutionsCool Down Your Home Without Breaking the Bank: Affordable AC Solutions
    In Tips
    April 18, 2024
    Who doesn’t love a nice, cool escape from the […]
  • What are the Different Types of Loans That Offers Tax Benefits in India?
    In Business
    March 27, 2024
    Understanding the tax benefits of different types of […]
  • Investing in 2024Investing in 2024: A Comprehensive Guide
    In Business
    March 1, 2024
    As we step into 2024, the world of investing continues […]
  • Boosthive Eu: The Ultimate Website For All Your MMORPG Games!
    In Entertainment
    December 29, 2023
    Do you know that different MMORPG games require a […]

Footer Menu

  • Sitemap
  • Privacy Policy
  • About Us

Copyright © 2025 All Rights Reserved | Powered by Jobprime
geniusupdates1@gmail.com

No Result
View All Result
  • Contact Us
  • Home
  • Entertainment
    • Biography
  • Tnesevai
    • Patta Chitta
    • School Textbooks
    • Guideline Value
    • EC Online
    • Tnpds
  • Sports
    • IPL
  • Technology
  • Health Tips

Copyright © 2025 All Rights Reserved | Powered by Jobprime
geniusupdates1@gmail.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In