HOME LOAN

POSTED BY Siva Kumar ON August 9, 2012 4:43 pm COMMENTS (2)

Dear Sir,

I had barowed 12 lacs home loan from SBI during March 2010.  at the rate of 10.5% intrest

for 15years  period.

Now I want to repay 5 lacs from my savings.  Can I do so ?

I am getting IT exmption of 30,000/- per anum . ( I am in 20% IT slab )

and also I am getting 96000/- per anum return on investment from my property.

Thanks

R. Sivakumar

 

 

2 replies on this article “HOME LOAN”

  1. Dear Siva Kumar, Yes you can repay 5L Rs. in your home loan. The repayment ‘ll bring down your outstanding Loan amount & accordingly your interest part ‘ll also come down. Thus your tax saving ‘ll also be lower than your current 30K Rs. How do you want to move ahead ‘ll be your choice. If you can earn a higher return if you opt to invest these 5L Rs. you should invest else pay the loan.

    Thanks

    Ashal

  2. vij says:

    please see my answers in the inserted text (vij >> )

    Now I want to repay 5 lacs from my savings. Can I do so ?

    vij >> yes, you should be able to do so.

    I am getting IT exmption of 30,000/- per anum . ( I am in 20% IT slab )
    and also I am getting 96000/- per anum return on investment from my property.

    vij >> IT exemption or the rent from property has nothing to do with repayment. If after repayment, the interest portion of the EMI gets reduced, your taxable income may change.

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