Is it a Good Idea to Shift home Loan ? Advice Please

POSTED BY Rohit Gangadharan ON July 1, 2011 10:25 pm COMMENTS (2)

Dear All,

I have a query regarding home loan, I presently have a loan of 16 Lakhs with INGVysya on floating interest rate and an initial tenure of 13 years which has now changed as the interest rates have gone up. The loan is 3 years old. I am presently paying an EMI of 18885 and the current interest rate is 13%. I was contemplating the option of shifting my loan to LIC HF, they are providing an attractive loan option which in my view is a good option considering the present interest rate. LIC will provide me with a loan on 10.5% fixed interest rate for 5 years and thereafter the rate will be reviced. Closure of loan on ING is looking to be very expensive as they are going to charge 2% on outstanding and also Principle paid in the last one year.

Please advice!!!

Thank You,


2 replies on this article “Is it a Good Idea to Shift home Loan ? Advice Please”

  1. Rohit Gangadharan says:

    Thank you Manish, is there some simple tool or something that I can use to do a comparative cost analysis??

  2. Rohit

    Then in that case what is the question , you should do the comparitive cost analysis and see which one makes sense cost wise . Also consider what are the exit charges on LIC side


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