Dear Sir
I have taken a Bank loan of Rs 12 lac for 20 yr perid from SBI to purchase a flat 2 yr back.
I am painfully watching how huge amount of Interest they are deduction from my EMI whereas a very less amount of Principal amount has been repaid.
I wanted to know the best option for repayment as per following :
1. Should I increse my EMI to repay the loan fast or
2. Should I deposit a lumpsump amount (say 50k in a year) into my Loan A/c to get releif from Inrest burden.
If there is any other options to get rid of the Interest burden..
I shall be greatful for your advice please.
With Best Regards
S. Bhattacharya
Ranchi, Jharkhand.