POSTED BY May 30, 2013 11:00 pm ONE COMMENTON
At the time, I took the LIC Home loan for 25,00,000 it was 9.25% intrest fixed for 5 years till 07-Oct-2015. Now and then I am repaying the principle amount. Now the principle amount came down to 11,87,000 and the current liquidation time/date is 7-oct-2018.
Here is my question :
If I continue to repay the principle amount when ever I have extra amount and the liquidation time/date continue to decrease and if falls below 07-oct-2015, then Can I pay only the EMI per month and there is no need to pay extra amount and I think there is no risk even if the intrest rate changes because the liquidation date now is below 07-Oct 2015.
Please answer my question and eagerly waiting for your answer.
Thanks in advance.
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One reply on this article “Home Loan repayment”
Dear Srilakshmi, yes once your remaining term falls below the Interest Rate reset date, no need to pay extra.