Dear Sir,
I took 30L (16 months before) as home loan for 14 years and now reduced to 103 months because of part payments made on last year (Rs. 36K/month). This is from a Bank, where the interest is little higher than other banks. This week, I'll pay one more part payment of 2L and reduce the EMI to 89 months.
I have another plan, having a daughter, I thought of investing in gold which is very essential. However, I could not able to decide which will be the best. or profitable, closing home loan by paying part payments when ever money is avaiable or investing in Gold. which is beneficial and profitable.
Present Homeloan EMI does not help much in incometax savings becuase, it is already more than the savings limits.
Please advice
R Kannan
CAclubindia
