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How to prepay home loan from Housing Finance Company?- Property Hotline
Posted
October 21, 2016
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240
October 21, 2016
240
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4:41Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor.
Question: I took a housing loan of Rs 30 lakhs for tenure of 15 years in February 2013, from a housing finance company. I have been paying the EMI for the last 42 months. I would like to prepay my entire loan at a time by selling my flat. The loan is at a fixed rate of 10.25% for the first 24 months and at floating rate of interest for the rest of the tenure. What is the total amount that I need to pay to the housing finance company? What will be the actual and the interest amount that I need to pay? Do I need to pay anything extra for prepaying my loan?
Answer: There can be no prepayment charges for repayment of the loan from a Housing Finance company where the source of repayment is the sale of the house. This is irrespective of whether the loan is on a fixed rate period or the floating rate period.
Assuming your floating rate loan was also at 10.25% from February 2015 your EMI would have been around Rs 32,700 and the principal outstanding would be around Rs 26.45 lakhs at the end of 42 months if all installments have been paid. If the rate has after Feb 15 has been lower than the principal will accordingly be lower. To understand these calculations ask for a copy of the home loan agreement signed by you which will have a detailed breakup of the installments paid by you.
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