POSTED BY March 14, 2013 2:14 pm COMMENTS (3)ON
I have a house refurningshing loan running for 2 years of the amount 2,50,000/- (approx.).
In 2 years time, the principal has only reduced by 30,000. I do understand that in the initial years of the loan, most of the EMI amount goes into the interest part.
Given this, i would like to make few prepayment of the amount by about 50,000 for now.
Will my EMI remain the same even the prepayment or do i have an option there?
Do i need to check or instruct the bank about anything in this case or simply make the payment?