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Should I opt for a home loan or an overdraft-linked loan?- Property Hotline
Posted
October 7, 2016
Views
8,478
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24
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1
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October 7, 2016
8,478
24
1
0.29%
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5:42Now PlayingExpert: PV Subramanyam, Home finance expert.
Question: I want to borrow Rs 45 Lakhs from Central Bank of India. Should I opt for a home loan or an overdraft-linked loan? Will I save money if I use surplus funds to make a pre-payment?
Answer: You have the advantage of income in a stronger currency than the rupee - so the amount that you repay over 10 years is going to cost you much, much lesser in terms of US dollar. How much interest you will save is a question which only you can answer because it depends on the interest rates, the amount you leave as a balance, the exchange rate, etc. In all likely hood if you put the surplus to work in a good equity mutual fund, that corpus is likely to be higher than the money that you repaid - over say a 10-12 year period.
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