Need A Financial Product Forums Loans Can EMI be reduced by prepaying part of home loan

This topic contains 1 reply, has 2 voices, and was last updated by  Smita Maloo 2 years, 6 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #48374

    Smita Maloo
    Member

    In order to purchase a house, I have borrowed from HDFC. Loan amount is Rs. 57 lakhs for 25 years and EMI is Rs. 63,000. I am a business person and I expect a cash inflow of Rs. 12 lakhs in another 15 days of time. Out of this, if I use Rs. 10 lakhs to prepay my loan, then is there any mechanism that I can get my EMIs reduced for same number of years?

    #48375

    Hasan Shaikh
    Member

    In banking terms, we call it loan reconstruction. Talk to your loan serving branch. On charging fee for it, they will reconstruct your EMIs.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.

About Us

Simplypaisa, a web initiative by Elite Wealth Advisors Ltd, has the primary objective to help readers make smart financing decisions. What is smart finance? How to make smart financing decisions to procure assets or to meet one’s personal needs? Information is critical to make smart financing decisions: be it to purchase your dream house, a car, to start a business or to enable an entrepreneur to meet his/her working capital needs.Read More...

GET IN TOUCH WITH US

Elite Wealth Advisors Ltd.
S-8, DDA Shopping Complex,
Near Jeevan Anmol Hospital,
Mayur Vihar Phase-1, Delhi-110091.
Phone No: 011-42445800
Email : connect@simplypaisa.com