Just make small partial repayment as much as possible and see how the final amount you pay to the bank reduce significantly... Ask the bank for Amortization schedule and even if you manage to save 2 lakhs per year and make a partial prepayment of 1 lakh every 6 months see the result in 4-5 years ...Dont reduce monthly EMI.. more you reduce that the more you end up paying to the bank... Yes all financial whizards would advice you not to repay for saving some tax or even advice to invest surplus amount elsewhere and potentially earn more.. But remember all these so called experts work for some financial intitutions or have their own .. As a mere mortal and person who has taken loan.. Just pre pay as much as possible. Period !.. do the math yourself..considering total amount to be paid to bank by end of the tenure and not just monthly EMI..
Re: Repay as early as possible
by AKSHAY DHARIWAL on Oct 30, 2012 09:49 AM
I agree with you. there is stupidity to pay more interest and invest money in risky market. most important is the piece of mind one gets after fully settling the loan.
People who will work hard for the next 20-25 years and pay them EMI for their over priced Flats. The Supply of flats is well regulated by these people to ensure their is no Over-supply. The bait before the buyers is that.. The property prices will double in 3-5 years. Do not become a slave to this corrupt system , stay on rent , be free
Re: Builder-Politician-banker Nexus needs some new bakras
by amol gite on Oct 29, 2012 07:09 PM
I am staying on rent for last 5 yrs. Created legal document with help of my lawyer.I pay only 12k for flat of 55 lac with covered car park. No society charges. And i have taken flat in big society more then 700 flats. Even after 5yrs term if i need to evacute flat i will be staying in same society. This works perfectly. Trust me. Let me know if require more detail. I feel pity for those who purchase flat
We all would have noticed a small sign board on the front of certain shops "Join Our Benefit Scheme" the meaning is Join "Our benefit scheme". EMI is the same.A basic need of a human existance is exploited in the name of loan.