Need A Financial Product Forums Loans Should I prepay my home loan from my savings

This topic contains 1 reply, has 2 voices, and was last updated by  Nitin Singh 2 years, 7 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #46805

    Nitin Singh
    Member

    I have an outstanding home loan of Rs. 12 lakhs. I borrowed it from ICICI Bank and I paying interest at near about 10% rate. I have Rs. 7 lakhs in my savings account. Please suggest should I prepay a part of my loan from this amount or should I invest it somewhere.

    #46806

    Prepaying your loan may involve prepayment charges. In addition, it will reduce your tax benefits on EMIs. I will suggest you to use a part of your savings in prepaying your loan and keep the balance in savings account or FD as a buffer for rainy day.

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