Is increasing EMI on home loan a good option? - Property Hotline
January 20, 2017
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2:04Now PlayingIs increasing EMI on home loan a good option? - Property Hotline
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as posted by the channelExpert: P V Subramanyam, www.subramoney.com
Question: I am paying an EMI of Rs. 35000 on home loan for past 3 years. I can afford to shell out Rs.5000 per month. Would you suggest increasing the EMI to Rs.40000 or do part pre-payment of Rs.10000 towards the outstanding principal every month?
Answer: Assuming that the loan is for 10-15 years, I would suggest you to invest Rs.5000 elsewhere. Having the capacity to pay Rs. 35000, do a SIP in an equity fund. You always have an option to stop the SIP after 6-7 month if you want to. If the equity fund is doing well, after 6-7 years, you can remove the money and then repay your loan. I would advise that if you have got a little bit of surplus use it to create another asset rather than increasing the EMI.
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