The topic of mortgage payments has been making waves on social media recently, following a Facebook user sharing their experience of repaying a home loan with a bank. The user was required to pay 10,900 baht, but after deducting the principal amount, only 5.50 baht was left, the remainder being interest.
Today, we want to share three easy, effective strategies to help you pay off your home loan faster and avoid exorbitant interest rates.
The first method involves making payments on time. This not only helps reduce the loan amount as it should but also preserves your credit rating, putting you in good standing as a debtor. This can potentially lead to negotiations with financial institutions.
Late payments, on the other hand, can slow down the reduction of your home loan balance, leading to increased interest payments. You may be penalised with…
