Hi
I have a home loan of 28 lkhs & the EMI also is approx 28000. This is for 25 years but considering this rate of interest i’l end up paying 70 lkhs to the bank and i don not want to keep the loan for so long. I had decided to increase my EMI from 28 to 48 lkhs. Do you think this would make sense.
Or i can make bulk payments in a year which could be quarterly, monthly or yearly.
Then one of the financial advisers told me not to increase the EMI instead open SIP for 8 years & repay one bulk amount.
But my worry is weather the SIP will give me more interest or increasing the EMI would bring the PA down & i’l be able to save interest.
Please help me on this.
Regards:
Manika