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What should I do to reduce excess outflow of interest? - Property Hotline
Posted
January 27, 2017
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January 27, 2017
21
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6:45Now PlayingExpert: Harsh Roongta, Investment advisor
Question: I currently have a housing loan borrowed in October 2015; it was offered at fixed rate for two years then followed by floating interest rate. At the time of borrowing, I did not have a choice to opt for floating rate loan. Interest rates have fallen due to demonetization, now when I seek for a BT I was asked to pay penalty on balance loan of Rs. 30 lakh. I will also have to pay the file charges worth Rs. 11,000. What should I do to reduce the excess outflow of interest?
Answer: I would highly recommend you to consider waiting till October 2017, post that it turns into a floating rate. Once it changes into a floating rate, there cannot be a pre-payment charge. As far as processing charge is concerned, if you have a good credit score and you negotiate well, you can get in without payment of any processing fees or you will be just charged a token amount. This way you can reduce the excess outflow of interest to some extent.
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