Fixed to Floating Conversion of EMI in LIC

POSTED BY yuvaraj kamalay ON March 13, 2015 12:26 pm ONE COMMENT

Hi Team,

I have taken around 25 lakhs of Home loan from LIC at 10.25 ROI for 2 yrs fixed. Now its completed, the ROI is showing in the LIC portal as 11.75% .

I had a visit to LIC office and they said I can reduce the ROI from 11.75% to 10.90% by paying 1% of outstanding loan. My outstanding loan as of today is around 9 lakhs.

I have enquired with ICICI and HDFC for switching over the loan to private banks, however I need to get so much of documentation plus some additional fee of around 8000 rs,

My question is , Is it worth continuing now with LIC HFL or can I switch over to other bank considering the outstanding loan of 9 lakhs. I am confused. Can someone please provide the advise.

Thank you

Regards

Raju

One reply on this article “Fixed to Floating Conversion of EMI in LIC”

  1. Hemanth says:

    you just have to do simple calculations…. consider every scenario one by one…. write down all the charges and money you have to pay…. then you will have everything in numbers, then u can decide whether to continue or switch….. there are a lot of online calculators which calculate EMI…. check out those….

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