Hi Manish & All,
I am an existing home loan customer of IDBI bank. I have taken loan of Rs 1400000/- @ interest rate 11.25% in 2007. I paid my first EMI on 10th Jul 2007.
EMI – 14023/- for 20 yrs
I did some part payment (around 200000/-). Now the Tenure is 12 yrs and the outstanding loan amount is around 1100000/- @ interest rate 10.75%.
Now i think i can pay 10000/- as an extra EMI & My question here is – What is more beneficial, Part payment or an Extra EMI.