Hello !
Home Loan Amount: 20 Lakhs @ 10.5% , 20 years.
I have a home loan of 20 lakhs. The EMI started in Feb 2013. I have been paying an EMI of 20k monthly since Feb 2013.
I want to know:
1. Is there any limit to which I can increase the monthly EMI.
2. After increasing it for some time (few months or an year), Can i decrease it?
I want to increase the EMI to 1 lakh per month for an year. Please suggest if it is a wise option or shall i wait for an year or few months to deposit lump sum amount. For a certain period (about 1 year) I can save 1 lakh monthly for EMI.
Thank You !
AB