Hi Manish/Experts,
I have taken a home loan of 15 lacs from Axis Bank and the emi I am paying is approx 14k for 19 yrs.
At the moment, my ROI is 11.5%.
Also, there is no pre-closure and part-payment charges.
It’s been almost 1.5 yrs, since I paid my first emi.
Couple of months back, I made a part-payment of Rs1.3/-Lakh.
Now, I am thinking of what would be the best thing to do for me:
1. Should I try and make (whenever possible) part-payments and try to pre-close the loan?
2. Should I increase my emi to Rs.22k (it’s affordable for me). I’ll still try to make part-payments, but it’ll be less frequent since I’ll be increasing my emi.
3. Should I do both of the above things?
4. Should I invest the amount (whichever I try and save) somewhere like mutual funds/FD/RD?
At the moment, apart from a term insurance plan, I have no other instrument for savings.
Although, my wife is doing some investments (ICICI Pru Life Stage and PPF).
Any useful suggestions will be appreciable.
Thanks.
Kapil.