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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Home Loan repayment query
Replies (5)
Quick Summary
Yes, If You pay excess amount above EMI then it will reduce early closure...
But,
Why the manager extend it fro 5 to 24...???
But,
Why the manager extend it fro 5 to 24...???
The procedure:
write a letter to bank convincing of the problem you are facing
reschedule the loan
write a letter to bank convincing of the problem you are facing
reschedule the loan
RAJA sir...will it reduce interest also?
Yes, May be...
As per that Loan Procedure**...
As per that Loan Procedure**...
All loans are being disbursed at mclr rate.
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