Need A Financial Product › Forums › Trading/Investments › Should I use my savings to repay home loan

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  • November 7, 2014 at 11:24 am #48328
    Sameer Kapoor
    Participant

    In 2009, I purchased flat on loan from LICHF. My total savings are Rs. 35 lakhs ? Rs. 10 lakhs in FD, Rs. 3 lakhs kept separate as emergency funds, flat of Rs. 22 lakhs. I am thinking of using entire Rs. 35 lakhs in repaying loan and get rid of the tension of debt. Am I right?

    November 11, 2014 at 2:02 pm #48329
    samkapoor77
    Keymaster

    Emergency fund should should not be touched for loan repayment. In long run, your flat can yield huge returns. Rs. 10 lakhs deposited in a FD is already earning interest @ 9% p.a. I don’t think that using these funds will be justified.

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