Home loan ends? Five smart uses for your saved EMI

Finishing a home loan means you no longer need to pay that monthly EMI.

Instead of spending all the extra money, you can use it carefully.

First, build savings for emergencies such as illness or job loss.

You should also check whether your life and health insurance are still enough.

The saved money can help grow your retirement savings over time.

If you have expensive credit card or other loans, paying them off may be helpful.

It is also wise to save for repairs, taxes and other home costs.

Finally, make sure you receive the lender’s closure papers and confirm that the property charge is removed where applicable.