When you purchase or pay a rental amount for something you are the owner of that object for that limited time or forever, so in a home loan a person is allowed to live in that particular which he has chosen. If he keeps paying the amount of EMIs till maturity then no one will ask him to leave the house as well.
The biggest advantage of a home loan is you are allowed to use that dream house from the start of the loan and after maturity as well. And after maturity, no one can question your liability on that house/property.
Things to keep in mind while living the house
Regular EMI Payments
If you are paying the regular payments of your debts in the form of EMI then no one can question your living in that house. Since it is the most important part of a home loan to pay EMIs which gives surety that you are capable of paying for your house. Since the home loan interest rate is not high, everyone is able to pay the EMI amounts.
Look for foreclosure
Even if you are living in the house it doesn’t mean you have to keep paying the EMI instead you can find ways for foreclosure of your loan which can save you from extra expenses as well. Lenders will charge some fee on foreclosure as per the agreement but it is a single-time expense only and the house will belong to you.
If you want to purchase a house on the basis of a home loan then Axis Bank home loan can offer your best deal.
Reduce the expenses
You can reduce your expenses which will work as savings to spend more on EMIs, since the interest rate is fixed you can keep those savings for foreclosure too which is one of the ways for prepayments.
Look for extra income
If you want to get rid of home loan service as early as possible then try to find ways of making money. Your salary just can’t support every time, instead, you can opt for extra work for just some time only then you are free from the loan earlier than the maturity.
Since you are living in the house already you are allowed to do renovation and other changes as well. Decoration and celebration no one will question you on that. Many people leave the purchasing house on rent too by which they earn income to pay the loan amount so in this sense it is allowed to live in that purchasing house.
Just keep the property safe and repaired till maturity if you fail to pay EMIs and when they take strict action towards your home loan then they may ask for the amount on the damages the property has received.
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