Is clearing the home loan a better option or should I go with the regular EMIs for the entire tenure ?
Itsme asked:
I already have a home loan with ICICI on a floating interest rate. I’am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end).
“Clearing a home loan” is what I meant of getting rid of the loan by making a pre-payment.
This entry was posted
on Saturday, January 31st, 2009 at 12:00 am and is filed under Credit.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
I already have a home loan with ICICI on a floating interest rate. I’am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end).
“Clearing a home loan” is what I meant of getting rid of the loan by making a pre-payment.
February 1st, 2009 at 5:30 pm
I am not sure what you refered to when you said “clearing the home.”
On the EMIs, I hope you are referring to PMI. If you owe 80% or less, you can demand the mortgage company to move the PMI with an acceptable appraisal report to that bank showing that the value truly is higher.