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Date : Jul 23, 2009

Question

I have taken a loan from ICICI at (currently)10.25% for an amt of Rs. 3000000. Is it better to foreclose the home loan in the initial years or towards the end - what is the impact in this case ? I have some extra amount but whether should I part pay it now or later. Plz advise.

Answer

Since you have taken a home loan at a floating rate of interest, it is anyways subject to change. You should explore the option of changing your home loan lender as you should be able to get an interest rate of around 10% to 10.50% if you have maintained a good track record of repayment on the loan. If you have surplus funds and you can also pre-pay a part of the home loan as it will reduce the monthly EMI burden. Quite a few banks do not charge pre-payment penalty if the loan is prepaid partially. The definition of what constitutes partial pre-payment varies from bank to bank. This will ensure savings in pre-payment penalty and at the same time help you to save on high interest costs on a substantial portion of the loan. However, before you decide to pre-pay a home loan, it is in your interest to first clear off all unsecured dues like credit card dues and personal loans. Also, make sure that you have some money set aside to meet emergency expenses. Tax calculation can change the view on pre-payment. You can also check the 'Should I switch my loan' calculator on Apnaloan to check whether it makes sense to change the lender.

 

 

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