New Delhi, Sept. 19 -- When you are left with just a few more EMIs on your ongoing home loan, it can feel like a major financial milestone. Still, when faced with such a situation, it is wise for borrowers to use this transition to their advantage and prepare for the future rather than immediately increasing discretionary spending or committing the freed-up cash flow to mutual funds or stock investments.

For example, if you have a monthly income of Rs.50,000 and your home loan EMI is Rs.15,000. Soon, your monthly home loan EMI is about to conclude, as you have completed the entire repayment as per the home loan terms and conditions.

Then you should spend the freed-up Rs.15,000 recklessly or lavishly. Proper thought, time and planning mu...