Need A Financial Product Forums Loans How to save interest outgo on home loan

This topic contains 1 reply, has 2 voices, and was last updated by  Vivek Vaidya 2 years, 1 month ago.

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  • #48294

    Vivek Vaidya
    Member

    In the beginning of 2013, I took home loan from HDFC Ltd. for Rs. 86 lakhs for 20 years. Now, when I am generating good income and I want to prepay my loan every alternate month. But HDFC guys are saying that I can prepay only twice in one year. What to do when I have funds? How to save on interest outlay?

    #48295

    Venkatesh A
    Member

    Open a recurring deposit account and start depositing your surplus money there or deposit the money in fixed deposit. Interest earned on these deposits will offset a part of interest outlay.

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