Hi All,
Need some advise please..
I’ve taken a housing loan in the year 2006 of Rs. 12 lacs for 20 years. Its been 7 years & I’ve been paying my EMI’s properly. Monthly EMI is Rs. 11040/-
Fluctuating interest rate @ 9.50% (being Nationalized Bank interest doesnt fluctuate more, it remains near the same only). Today my Housing loans still stands at Rs. 10 lacs + something.
I’ve saved certain amount & wish to pay off approx 3.5 lacs out of total Rs. 10 lacs to reduce the loan burden, however one of my friend advises me “Not to pay in Housing Loan but Invest in a Fixed Deposit. Only continue paying EMI’s as actual”
Can someone please advise how it would be beneficial?
Regards,
Sam