Foreclosure of Home Loan

POSTED BY Syed Ameer ON January 17, 2012 1:47 am COMMENTS (2)

Hi Manish,
Hope you are doing good,
I’ve been reading some of your articles and found them to be very helpfull.
I was doing a little research on foreclosure of home loans, Is that a good idea to foreclose the home loan?

I have learned that the EMI’s we pay would go into interest and very minimal to the principle. is that true?

Thanks,
Syed Amir

2 replies on this article “Foreclosure of Home Loan”

  1. Hi syed,

    Generally the EMI you pay will be splitted into two , of which interest is more than the principle.,
    And answer to your question is its better to prepay ur loan if you have enough money to do it.It will be reduced from ur principle and automatically ur interest will get reduced for partial pay . 🙂

    Regards,
    Sri

  2. Dear Syed Amir, Do you want to prepay a part of your loan or you want to pay in full? Please confirm.

    As far as question of prepaying on purely financial terms, if you are able to earn more than what you are paying as interest to your bank in your home loan, you should invest the amount to earn that extra return.

    Thanks

    Ashal

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