Dear Experts,
I was about to take some action on homeloan prepayment, but thought to take a second expert opinion
Situation –
Have two loans
1) SBI Max Gain (Lives in this house) – outstanding 3 lac. Balance 6 lac. (I can withdraw 6 lac). Interest Rate 8.5%
2) IDBI Loan (Investment Rental Prop) – Outstanding 9.90 lac. Interest Rate 10.75%
I was planning to move 6 lac from SBI Max Gain to IDBI to save on interest.
My only apprehension is the SBI Max Gain gives me liquidity (In case of emergency, I can take out money). Once I will move this money to IDBI, I will not be to able to take it out.
What should be my strategy?
Also, I am also planning to take another home loan once I substantially reduce/closed one of these loan.
Additional Question –
1) Can I take another home loan from SBI, when the first one is running?
Warm Regards
Samir