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FAQ: How to pay principal amount on home loan? - Property Hotline
Posted
May 27, 2016
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May 27, 2016
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5:01Now PlayingExpert: P.V Subramanyam, Home finance Expert
Q: I have a 25-year loan. I've been paying EMIs for the last 5 years. I want to pay off 20% of the principal amount. How should I go about it?
Answer: Banks usually reduce the tenure of the loan not the EMI, if you pay bigger principle amount. In your case, you have comfortably paid the amount for 5 years so it is advised that you do a SIP and look at the amount after some years and accordingly you can make a decision to pay a balloon amount. If you have a shorter working period left, you can use your PF amount to pay a bigger amount at the time retirement.
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