Owning a home is the realization of a dream you nourished. But there are certain obstacles that one should be wary of before making the most important decision of his/her life. The relatively easy access to home loans from leading financial institutions have been successful in paving the way towards luxury for all those who wish to live the life of grandeur in the destination of their choice. If you move ahead without a properly chalked out plan, EMIs could severely weigh down your monthly budget for an extremely long period. Repayment of a loan is an extremely long and strenuous process, so aspiring homebuyers should ensure that the situation never spirals out of control. Here are some important points the ambitious homebuyers should keep in mind while applying for home loans. Shorten the period, lessen the stress Make sure that the loan tenure doesn’t exceed a certain limit. Adjust it accordingly by making effective use of the EMI Calculator. A longer duration amounts to more interest. So make sure that you foresee all the difficulties before you decide on something. Preplan to prepay The interest rate can be significantly lowered through the prepayment of a home loan. It is an effective solution to curb expenses. To make the prepayment on time, the borrower ought to be highly committed and financially disciplined. It helps to pay off the loan as early as possible. Make sure that you prepay in order to reduce the interest cost on a home loan. Investment holds the key Smart investments could be increasingly beneficial for you. The investments can be further used as the down payment of the loan. It will enhance your reliability as a borrower. Avail RBI's loan restructuring scheme Financial issues of borrowers have spiralled out of control post the pandemic. It has made matters extremely difficult for them. The restructuring scheme offered by RBI attempts to bail them out of trouble. A moratorium waives off EMIs or principal part for some time and restructures the loan to a suitable repayment regime thereafter. The borrowers should apply before September 30, 2021. Don't stay fixed, float instead In comparison to floating loans, the interest rate is high in the case of fixed loans. In the current scenario, floating-rate loan is undoubtedly a better choice of the two as lenders tend to charge at least 2% high on fixed loans.