Hi,
I read your article of ” How EMI’s Principle and Interest breakup is done”. The article is really good and I got lot of input by that. Still have some doubts Pl clarify.
1) Am taking a Home loan of Rs.7lacs with the tenure of 5 years on r.o.interest 10.15% – is that profit with 5 years tenure or can I go for 10 years?
2)If I go for 5 years tenure, my monthly emi amount will be Rs.14924 (As per my understanding by the article, if go for less tenure the more principle amount will deduct on the emi payments – Pl correct me if am wrong).
If done any part pre payment on capital, then the principle amount and the pertaining charges will be get reduce correct? and loan will get close quickly
3)The emi amount (14924rs.)is fixed or changeable accordingly to prepart payment.(or only variation of principle and interst amount only differs with in that amount?)
4) what is floating interest and fixed interest? which is benefit?
Pl clarify,
Thanks
Raghu