Which loan to close in SBI MaxGain homeloan account? 28 lakh for 15 years or 20 lakh for 19 years

POSTED BY Ojil Casi ON July 23, 2014 7:05 pm COMMENTS (3)

I have two housing loans with SBI MaxGain homeloan account – 28 lakh for 15 years or 20 lakh for 19 years .

28 lakh loan is for a house , I have rented out in Coimbatore and 20 lakhs on a house that I am staying in Bangalore . I am paying an EMI of 35000 for the Coimbatore house and 20000 for the Bangalore house and is also claiming the tax rebate on the  interest paid on both houses after showing my rental income from Coimbatore house .

I have received an annual bonus of 14 lakhs and has an additional 3 lakhs from my mutual funds and shares which i have gained after the new govt came into power.

I was wondering which loan I should close so that I can claim maximum tax benefits.

Any suggestions on this will be really helpful

3 replies on this article “Which loan to close in SBI MaxGain homeloan account? 28 lakh for 15 years or 20 lakh for 19 years”

  1. Ojil Casi says:

    The idea is to reduce liabilities . Can you please share how it can be done in such a way that tax benefits can be claimed as well?

  2. Credexpert says:

    Dear Sir,
    It is advisable to not take the decision on closing your home loan purely on the basis of claiming tax benefits. These will anyway reduce overtime. Repaying the entire outstanding on one of your loans will reduce you debt burden significantly. This will also allow for more cash flows on a monthly basis.

    Regards,
    Credexpert

  3. Hemanth Chandra says:

    You idea to close the loans is to claim tax benefits or reduce your liabilities ??

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