By paying a little extra into your home loan every month, you will shorten the period by a considerable amount of time, thereby saving huge amounts of money in interest that you would have typically paid. Inform your financial institution that the extra amount should be deducted from the capital portion of the home loan. The faster the capital portion shrinks, the lower the interest charge will be each month, leaving more and more of the instalment available to further lower the capital and so on.

The practice of paying more than the minimum instalment every month is probably the biggest money saving tip that exists in property.