Home loans are often the most significant financial commitments individuals make, stretching across decades. Early repayment can offer substantial financial freedom, reduce stress, and save on interest, allowing homeowners to allocate resources to other investments or savings. However, it’s essential to weigh the benefits of early repayment against the potential returns from investing in avenues that might offer higher yields than the interest rate of the home loan. Given that home loans generally have lower interest rates compared to other types of loans, it might sometimes make sense to invest surplus funds rather than accelerate loan repayment. If early repayment fits into your financial goals, here are five practical strategies to consider:
