December 13, 2014 12:52 pm
I have a home loan worth Rs 16 lakhs with SBI bank for the period of 30 years. It was taken in January 2015. I want to convert the tenure to 15 years now. Is it possible?
You can reduce the tenure either by prepayment or by increasing your EMI. You can check with bank official for this, they will guide you with the best possible ways for you. Good luck!
you need to give a written application to the bank. They might againa ask for the salary slips and form16 copy, verify if you are eligible for that increased EMI and would sanction it if everything is fine.
It is possible to reduce the tenure.. EMI will increase and bank will check if you have the capacity to pay.. if everything is ok.. it can be reduced
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