I have obtained SBI home loan of ~37 lakhs and I am having EMI of 41879k per month for 15 year’s.
I am thinking of how to reduce my EMI. I will have 6+ Lakh’s with me(in next 4-5 months) which I can deposit in OD(after completion of 1 years in march 2013) and ask bank to get that amount permanently deducted.As I don’t want to withdraw it. So my net principal amount will reduce to below 30L. If I freshly restructure/reprocess the LOAN for 30L in SBI MAX Gain only (paying 15,000K of fees if required) my EMI will come down to 33,000K per month. My question – Is that possible ??
SBI will allow it ? how to proceed ? what are other option as i dont want to change the bank.
Monthly burden of 40+K is too much. and Interest paying on higher amount surely will be high ..so instead reducing principle amount will be good idea along with reduction in EMI keeping years to 14 years (instead of 15 years).
in simple work pay some lump-some amount and dont reduce tenure will it reduce EMI?