About home loan

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Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2013 Sir, what are the aspects that i have to keep in mind while taking home loan of rs.25L say @10.75% so i have to pay minimum interest. if after taking loan i have to pay an installment of rs.30k and i am paying excess say rs.45k to repay the loan as soon as possible, is it make any diffrence in amount of interest that i have to pay. also if i am taking joint loan, is there any tax benefit? or what are the aspects that i have to keep on mind to get maximum tax benefit?

harish

harish (Expert)
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23 November 2013 Following aspect you should keep in mind while taking home loan:
1.Your risk appetite,say,your income,future growth,future plan, etc.
2.Market offers like low interest rate, no penalty for early repayment, accessibility to bank to meet future query, etc.
3.If spouse is working, take joint loan. However, one has to balance with existing liability.
4.Period of loan is inversely proportional to accumulated interest on loan.
5.One can trade between period of insurance & insurance premium. Why one can pay extra premium against loan liability when one can be at ease to repay balance loan amount.

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