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POSTED BY ON July 24, 2011 12:44 pm COMMENTS (4)
Hi Manish ,
Suppose i have taken a loan of 30L .
Scenario 1 (15 Yrs) : EMI comes to around lets say 35000.
Scenario 2 (20 Yrs) : EMI comes to around ,lets say 30000.
Now suppose i have loan for 20 yrs and start paying rs 35000 per month.Will my loan get finish in 15 yrs?
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I would suggest to check for the “Smart Home Loan”. many banks (under different names) are offering it now and you can control your interest part of your EMI. If your have surplus you can have it your Home Loan account and it will earn the same home loan interest rate.
Mangal
NO , its a myth that taking a loan for very high tenure reduces the EMI ,the EMI amount for 20 yr tenure and 30 yrs tenure is very very small .. may be 20k and 22k , like that ..
So better take loan for a smaller duration which you can possible pay off ..
Manish
Mangal
Yes , It shoul , but the problem is , that if you have taken the loan originally for 20 yrs , then Banks might not change it, as your EMI is fixed at 30k , a better idea now is that you should prepay your loan by 5,000 each month ,that way you can pay off your loan in just 13 yrs .. Dont make the EMI as 35,000 , leave it at 30,000 only and just prepay by 5,000 each month or 60,000 each year
Manish
Thanks Manish , Even i am in the same impression but the doubt is : It means one should take the loan for max time if possbile for e.g.30 yrs if he is eligible for that.This way i have to give very less EMI and supposedly if i get better some lump money or better job , i can finish the loan in 15 years.
Then , What is the advantage of taking loan for less period ?Every should take loan for max period ?I know i am missing some part . Just not aware .