tag:blogger.com,1999:blog-1072534379447599771.post2983063294757183593..comments2024-03-22T18:51:07.375+08:00Comments on Anand's Blog: How to Handle Home Loan - Part Re-PaymentAnand Vijayakumarhttp://www.blogger.com/profile/04069290912727901147noreply@blogger.comBlogger52125tag:blogger.com,1999:blog-1072534379447599771.post-46527762304468178422018-04-28T16:49:25.412+08:002018-04-28T16:49:25.412+08:00Yes, it should be doable but the bank usually allo...Yes, it should be doable but the bank usually allocates maximum tenure based on ur age. They will expect loan to be fully repaid before you retire. Anand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-74413467902064710892018-04-28T01:48:44.024+08:002018-04-28T01:48:44.024+08:00Hi Anand is there is any option to extend the loan...Hi Anand is there is any option to extend the loan tenure ? Current am I am in the loan tenure for 20 years.is it possible to change to tenure to 25 years? As per recent scheme,bank is giving 30 years of repayment tenure. Whether it is allowed to existing customers to switch over the tenure ?R.manjuhttps://www.blogger.com/profile/16132371732001691351noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-30790701672766187992017-04-10T18:57:41.939+08:002017-04-10T18:57:41.939+08:00I don't understand the advance amount concept....I don't understand the advance amount concept. Every month EMI will contain both principal and interest components. Of course the first few years principal will be very low and every after paying full year EMI, the reduction in principal will be negligible but that doesn't mean it doesnt reduce. Ask for detailed statement and check Anand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-86564918133068059152017-04-10T17:23:23.642+08:002017-04-10T17:23:23.642+08:00Hello,
I have took home loan in Canara Bank R.S 1...Hello,<br /><br />I have took home loan in Canara Bank R.S 14.0 Lacs @ 9.55 ROI for 20 years. Whenever i'm paying more than my EMI its considered as 'Advance Amount" only. The subsequent EMI is being deducted from that 'Advance amount'. I dont know why its not reflecting in principal. this is the way how it works? or how? can you guide me?Anonymoushttps://www.blogger.com/profile/03375646762054142243noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-63839110229084340242016-09-08T22:00:25.430+08:002016-09-08T22:00:25.430+08:00You can try but the bank may not help because you ...You can try but the bank may not help because you should have mentioned it at the time of the paymentAnand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-36303738883376725882016-08-31T21:51:50.745+08:002016-08-31T21:51:50.745+08:00I made a part pre payment on the loan amount I hav...I made a part pre payment on the loan amount I have taken and wanted the EMI to be reduced, but during conversation with the bank official, forgot to mention that the EMI should be reduced. Now I see that the term has been reduced. Will it be possible for me to get this changed if I visit the bank again within a day or two of making this pre payment?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-76168366111674007322016-03-17T09:55:02.344+08:002016-03-17T09:55:02.344+08:001. Your choice, You can do either ways. Just remem...1. Your choice, You can do either ways. Just remember that for every instance the bank will make you visit the branch, fill paperwork etc. <br />3. If you are comfortable paying this amount EMI each month, then reducing the tenure is the smarter option since you will be paying much less interest eventuallyAnand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-56504131356734587712016-03-14T01:44:34.462+08:002016-03-14T01:44:34.462+08:00Dear Anand...
I have a loan of 22 lakhs for 10 ye...Dear Anand...<br /><br />I have a loan of 22 lakhs for 10 years tenure and i am paying Rs:28900/- per month for the last 6 months. I have 2 lakhs now to pay as part payment against my loan and 1.5 laksh in the month of May 2016. What you suggest on this prepayment<br /><br />1 ) payment of 3.5 lakhs in the month of May as one payment or can i have two installment <br />2 ) Should i reduce my Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-76499739785817274082016-02-05T16:33:32.189+08:002016-02-05T16:33:32.189+08:00Is it possible? - It depends on ur income and whet...Is it possible? - It depends on ur income and whether the bank is willing to offer you two home loans<br /><br />Is it ok? - It depends on your income and expenditure and how you can manage it. <br /><br />Taking two loans is fine as long as you have enough income for the bank to grant the loan and that you repay itAnand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-60363770339195733682016-01-30T04:25:36.801+08:002016-01-30T04:25:36.801+08:00 My question is....I have a existing home loan of ... My question is....I have a existing home loan of 12 lakhs for 10 years and I am paying 16000 rs EMI. Now I am planning to take a topup loan on the same property of 15 lakhs for three years and another home loan of 60 lakhs for a new property.......Is takong two loans is fine.. ?<br /><br />I am planning to pay topup loan a down payment for the new property , than paying it back in 3 years and tannu chauhanhttps://www.blogger.com/profile/04679772012559741741noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-695435266886311812014-12-11T16:24:21.486+08:002014-12-11T16:24:21.486+08:00You just visit your bank with the money (either ca...You just visit your bank with the money (either cash or cheque) and then close the loan. Simple. Yes, closing a loan early means you will save a lot of money on interestAnand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-58119231836955103342014-12-10T22:11:46.592+08:002014-12-10T22:11:46.592+08:00I wanted to find out how can one repay the loan ea...I wanted to find out how can one repay the loan early and what does this entail? Does it even make any sense to do this?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-5696535986223701182014-10-18T09:02:58.931+08:002014-10-18T09:02:58.931+08:00Mahesh - Reviewing your loan tenure especially whe...Mahesh - Reviewing your loan tenure especially when you have been steadily repaying your EMI plus making part pre-payments. So, dont worry. Just consult your bank and talk to them. Usually banks wont have any problems reviewing your loan tenure as long as you still have at least 10-15 years until retirement. <br /><br />So, with 8.5 lakhs remaining, it would be easy to get the EMI to the number Anand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-45837874873996350322014-10-15T10:33:00.604+08:002014-10-15T10:33:00.604+08:00Nice Article Anand! I have the below scenario...ap...Nice Article Anand! I have the below scenario...appreciate your inputs:<br /><br />I took a home loan in the year 2010 for a tenure of 300 months. Here are the details:<br /><br />Loan Amount: 29.5 Lacs<br />Interest rate: fixed for 5 years @ 9.25% (I am close to this getting over now)<br />Part Prepayments: Regular<br />Remaining Principal currently: 8.5 Lacs<br />Current EMI: 25000 pm<br />Maheshhttp://www.anandvijayakumar.blogspot.innoreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-36106111369753059942014-07-17T15:42:08.738+08:002014-07-17T15:42:08.738+08:00Sanket - As the second house is not rented out, yo...Sanket - As the second house is not rented out, you cannot avail any tax benefits. However, if you want, you can add a Notional Rent as income for tax returns purposes and avail the tax benefits corresponding to the home loan. <br /><br />I have published a book that can help you understand the indian tax laws and save a lot of tax. You can get more details here: http://Anand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-89446204361582013582014-07-17T01:38:19.005+08:002014-07-17T01:38:19.005+08:00hello Mr Anand,
I am a defence officer and i have ...hello Mr Anand,<br />I am a defence officer and i have a loan from bank of baroda of 20 lacs from 12.5 years for which i have started repaying the bank on an EMI 0f 24500 approx. from april this year for a flat i took in agra(home loan and flat are on me and my mother's name and i am solely repaying the loan). My question is that since i am living in a government provided accomodation in Sanket Vermahttps://www.blogger.com/profile/08413327419729522219noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-68401284071891189612014-06-24T11:05:15.670+08:002014-06-24T11:05:15.670+08:00Hi - For doing part payment, you need to contact t...Hi - For doing part payment, you need to contact the bank. If you just do an online payment, the amount be considered as pre-emi which means, for the next many months, the bank wont deduct any EMI from your account. Contact your HDFC NRI Service Center in the country where you live and request them for the formalities. They can help you with that. Anand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-6101064064991021782014-06-23T15:53:05.885+08:002014-06-23T15:53:05.885+08:00Hi,
Thanks for the useful info, while doing par...Hi,<br /> Thanks for the useful info, while doing part payment we cant do online transaction right.<br /> Though. We resident out of india, how can we do part payment? What are the required documents in hdfc to courier?<br /><br />ThangarajAnonymoushttps://www.blogger.com/profile/01258209858249245607noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-17778972925668491752014-05-13T20:24:34.313+08:002014-05-13T20:24:34.313+08:00Viswandh, part repayment of a loan is a good idea....Viswandh, part repayment of a loan is a good idea. Can you continue to pay this 13,600 EMI moving forward? If so, ask the bank to reduce your loan tenure and this way you can continue your tax benefits as well. Anand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-47330182091366079752014-05-13T20:23:11.917+08:002014-05-13T20:23:11.917+08:00No Viswanth, there is no such calculator present i...No Viswanth, there is no such calculator present in this blog but am sure you can find one in the internetAnand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-41095907025830933702014-05-11T01:35:57.305+08:002014-05-11T01:35:57.305+08:00And also i have one more question: I have taken a ...And also i have one more question: I have taken a home loan of 14 lakhs in December 2012 with 13,600 EMI for 20 years. As i am in 30% slab category, i am saving some money by showing this interest in my organisation. I have some lump sum amount in hand now, is it suggestible to do some part payment for my home loan? <br /><br />After 1st year, i showed to my organisation that i paid around Viswanadhhttps://www.blogger.com/profile/07591082748936464007noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-10920231480986788902014-05-11T01:23:13.500+08:002014-05-11T01:23:13.500+08:00Hi Anand, I am Viswanadh, It is really a useful bl...Hi Anand, I am Viswanadh, It is really a useful blog for folks like me who wants to reduce the home loan burden as soon as possible! Is there a link for home loan part payment calculator to check how much interest we are saving by paying how much lumpsump amount?Viswanadhhttps://www.blogger.com/profile/07591082748936464007noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-73009460599298132482014-04-28T09:26:49.707+08:002014-04-28T09:26:49.707+08:00Saravanan - I think option B would be better. Plus...Saravanan - I think option B would be better. Plus - If you invest in tax saving instruments - you can also save a lot of income tax. <br /><br />have you checked out my book on Income Tax saving and retiring as a crorepati using just the Section 80C Investments? If not, i suggest you check that here: https://www.distribly.com/product/1688?aid=15702 <br /><br />You can also purchase the book by Anand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-83510717991995782992014-04-25T19:42:07.413+08:002014-04-25T19:42:07.413+08:00Hi,
In 2011, I have taken loan of 21 lacs from LI...Hi,<br />In 2011, I have taken loan of 21 lacs from LICHFL bank @10.7% ROI and tenure is 15 years. Currently i am paying Rs.23000 as EMI and expecting <br />Rs .10000 monthly increment this year.<br />which is best option..Increasing Increase EMI to 35000 or put 10000 in RD/mutual funds and pay lumsum amount as part payment after some months.<br />please give your valuable suggestion..<br />Anonymoushttps://www.blogger.com/profile/13804218247568013385noreply@blogger.comtag:blogger.com,1999:blog-1072534379447599771.post-39662296078314986432014-03-08T11:46:40.744+08:002014-03-08T11:46:40.744+08:00Ramu - As the loan amount is low, if you consider ...Ramu - As the loan amount is low, if you consider the tax benefits you will get by continuing this EMI will be much higher than the interst amount you will end up saving by doing pre-payments of 1 lakh each year. <br /><br />I would suggest you invest this 1 lakh each year and get all your 80c section benefits and retire rich. My new book explains this concept with great detail and can help you Anand Vijayakumarhttps://www.blogger.com/profile/04069290912727901147noreply@blogger.com