Home Loan repayment

POSTED BY srilakshmi veligeti ON May 30, 2013 11:00 pm ONE COMMENT

Hi Manish,

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.

 

Thanks,

Srilakshmi

One reply on this article “Home Loan repayment”

  1. Dear Srilakshmi, yes once your remaining term falls below the Interest Rate reset date, no need to pay extra.

    Thanks

    Ashal

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