Hello,
I have a home loan of 21 lakh rupees and the tenure is 15 years. Full EMI started in August 2012 and I am getting the possession in next month Dec 2014. EMI I am paying is around 22000 rupees. Now, I have purchased this flat for investment purpose only and would surely be selling it after 3 years to avoid STCG. I am planning to give it on rent from next month.
My query is that, should I lower the EMI by increasing the tenure of loan to say 25 years ? The thought behind this is that, since I will be selling this flat soon, why should I pay high amount as EMI as the purchaser will anyway clear my outstanding loan at that time.
For e.g. as per my current EMI (22000) , I will pay 792000 rupees in 3 years and my outstanding would be around 14 lakhs. But now if I lower my EMI to say 15000 rupees and offset it with the rent that I receive for 3 years, I will virtually be paying no EMI and I am happy even if outstanding loan is still around 18 lakhs.
So the question is, why should I necessarily be paying high EMI ?
Need some help people…
Regards,
Abhay