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Seeking advise for home loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 September 2011 Dear Sir,

I have been taken loan Rs.811000/- from financial institute in the year 2008 for 10 years term with floating ROI @ 10.50%

(EMI Rs.10830) PM
31 month have already been paid.
89 (EMI) months balance.

Again I am in process to avail second home loan for another property i.e Rs.30 Lacs or 32 Lacs.

Existing ROI is :for above 30 Lacs

a)11% floating.
b)11.25% fixed for 3 years
c)11.50 fixed for 5 Years
d)12.25 fixed for 15 Years

Existing ROI is :for below 30 Lacs
a)10.75% floating.
b)10.75% fixed for 3 years
c)11.25 fixed for 5 Years
d)12.25 fixed for 15 Years.

I have Rs.2 Lacs in my hand.

Please advise whether I refund this money against old loan or

It is will be advisable/benificial to pay this amount against new loan and avail only Rs.30 Lacs with ROI @ 10.75?

Please guide at the earliest. waiting for your valuable guidance.
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nupur

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nupur (Expert)
04 October 2011 Pls repay the earlier loan
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