Home Loan repayment query

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Accounts executive
552 Points Posted on 08 August 2023
Hi,

I have a home loan of Rs. 5 lac for which branch manager has intentionally increased loan tenure by 24 years instead of 5 years what I agreed. As per schedule the EMI is 4k per month which is charging higher interest every month.

My query is that if I am paying 10k per month, will it reduce interest portion till the loan is completed paid off.

Please solve me query...
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On 08 August 2023 at 11:07 Report
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Quick Summary
A homeowner is querying their home loan repayment strategy after their loan tenure was unexpectedly extended by the bank. They want to know if paying an extra £6,000 per month above their agreed EMI will reduce the overall interest paid and help clear the loan faster. The advice suggests that making excess payments will indeed lead to early closure and potentially reduce the interest burden.

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"Do the Right Thing...!!!"
128157 Points Posted on 08 August 2023
Yes, If You pay excess amount above EMI then it will reduce early closure...

But,

Why the manager extend it fro 5 to 24...???
1 Reply
On 08 August 2023 at 11:22
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Profession
28271 Points Posted on 08 August 2023
The procedure:
write a letter to bank convincing of the problem you are facing
reschedule the loan
1 Reply
On 08 August 2023 at 11:54
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Accounts executive
552 Points Posted on 08 August 2023
RAJA sir...will it reduce interest also?
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On 08 August 2023 at 20:26
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"Do the Right Thing...!!!"
128157 Points Posted on 08 August 2023
Yes, May be...
As per that Loan Procedure**...
1 Reply
On 08 August 2023 at 22:05
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Profession
28271 Points Posted on 10 August 2023
All loans are being disbursed at mclr rate.
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On 10 August 2023 at 22:25

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