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Prepayment of home loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 October 2011 I have took Rs 15 Lakhs as Home Loan (we ( me , mummy, and dad are the honours of property)

1) Now I plan to took loan(at 9%) from Mom for pre-payment of home loan whereas (10.75%)
Will plan to prepay- Rs 3Lakhs

2) In which condition this prepayment will be giving benefits to us
By redusing Time line from 20 Years to.. some less year
By redusing EMI
Will it be redusing Principal Amount also

Wat will be income tax iompact
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
10 October 2011 In income tax no impact but check with ur bank there is a prepayment penalty for early payment of loan

CA MANOJ GUPTA
JODHPUR
09828510543
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