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Should I prepay my home loan if I can? - Property Hotline
Posted
January 13, 2017
Views
5,478
Likes
24
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January 13, 2017
5,478
24
0.44%
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4:22Now PlayingExpert: P V Subramanyam, Home Finance Expert, www.subramoney.com
Q: I have a home loan worth Rs 5.50 lakh. It was Rs 17 lakh 10 years ago and I prepaid to reduce my liability. For FY15-16, I’m losing out of interest exemption of Rs 2.5 lakh as annual interest is around Rs 70,000. Principle along with PPF contribution of Rs 20,000 manages 80C. I can repay the full home loan but in doing so will I lose out on my principle and interest exemption?
A: Buying an asset just to get a tax break is not a sensible approach. When buying a house, especially if it’s your second house and you have bought for an investment purpose, do not make a commitment for 20-25 years because based on tax exemption, because that it is not permanent. Also, see whether the house will appreciate greater than the rate of interest that you are paying, then only you will truly benefit.
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