The procedure to verify furnishing of the house however depends from one organisation to the other.

If the co-applicants are earning members, it helps you since consideration of multiple incomes through co-applicants improves your eligibility and helps you get favourable terms on your home loan.

Meanwhile, you can negotiate the time to make your payments till you can sort the issue with the lender.  

So you have two options here: you can either add your mother in law to the home loan as a co-applicant whereby she can pay the EMI and claim tax benefit on the same. Else she can be added as a guarantor to the loan in which case while she can make the EMI payment, she will not be able to claim the tax benefits.

Only a home loan borrower can apply for a top up loan. Instead, you can take a personal loan if the amount is smaller.

If you close your existing home loan plus top up loan and need some funds for some use, you can apply for a loan against property separately from another lender. This option will be suitable for a larger amount and a longer tenure. 

In order to prove your eligibility for the mortgage loan, the following documents will be required:

• For Identification, you will require a PAN card, Aadhar card or a Voter ID Card
• For Address Proof, your passport, Aadhaar card, voter ID card, landline bill, registered rent agreement or driving license will suffice
• Your proof of income depends on the type of work you are in. If you are a salaried person, your bank statement and ITR form will be required. If you are self-employed, you must have your last three year’s ITR, profit and loss account of your business/ trade and the balance sheets of the same audited by a CA.
• If you are taking out a loan on a commercial property, you’ll require an ownership/ lease/ rent agreement/ utility bill

You will also require the following property documents:

• The Chain of Past Sale Deeds, Registered Sale Deed or Conveyance or Lease Deed
• The latest house tax return or a receipt of your building plan approved by the municipal corporation

While this is the ideal solution, you can also choose to have the property registered in your father’s name along with the home loan. Once the home loan is paid off, he can create a gift deed for you to transfer the ownership.

For your other loan, a lender is under their rights to ask for your bank statement for the last 6 months and foreclosure charges are also a policy they are allowed to charge.

In future I would suggest going through the terms and conditions offered by the lender closely since they are liable to disclose such charges. This can help you take a well-informed decision on choosing your lender. 

Ideally, one should choose a lender with customer friendly schemes such as zero foreclosure charges.

In the beginning of your loan repayment, the majority of your EMI goes towards paying off the interest amount as you observed. However, over time as you pay off more principal, gradually more and more of your EMI payment starts going towards principal repayment and less for interest.

You can ask your lender for an Amortisation Table to properly track your payments and the break up therein.

If you want to make a bigger impact on your principal balance, you should start making regular prepayments.

Prepayment is an amount paid over and above the EMI amount that is deducted directly from the principal due. By reducing the principal amount, regular prepayment ensures that you pay back your principal due before the loan agreement thereby closing your loan early and saving thousands of rupees in interest outflows.

You should always have some liquid amount available handy for regular day expenses or emergencies. Once you deduct this amount, the money available can then be used to prepay your home loan. This will help you save money on interest payments.

You can choose whether to make a bulk prepayment in one go or go for smaller prepayments. From a tax perspective, you can claim exemption on monthly EMI payments which you will not be able to once you pay back your home loan. So it might be preferable to make smaller prepayments instead.

My advice to you would be to actually pay as much down payment as you can from your side to get a better deal on rate of home loan interest and thereby lower interest payments.

Repaying your home loan quickly is a very smart move as you can stand to make huge amounts of savings on interest outflow. By making small regular prepayments over and above your EMI every month, you could stand to save lakh of money in interest payments and repay your home loan months in advance.

The facility to make prepayments without any extra charge should be a key criterion in selection for a lender.

In the beginning of your loan repayment, the majority of your EMI goes towards paying off the interest amount as you observed. However, over time as you pay off more principal, gradually more and more of your EMI payment starts going towards principal repayment and less for interest.

You can ask your lender for an Amortisation Table to properly track your payments and the break up therein.

If you want to make a bigger impact on your principal balance, you should start making regular prepayments.

Prepayment is an amount paid over and above the EMI amount that is deducted directly from the principal due. By reducing the principal amount, regular prepayment ensures that you pay back your principal due before the loan agreement thereby closing your loan early and saving thousands of rupees in interest outflows.

You should always have some liquid amount available handy for regular day expenses or emergencies. Once you deduct this amount, the money available can then be used to prepay your home loan. This will help you save money on interest payments.

You can choose whether to make a bulk prepayment in one go or go for smaller prepayments. From a tax perspective, you can claim exemption on monthly EMI payments which you will not be able to once you pay back your home loan. So it might be preferable to make smaller prepayments instead.

Repaying your home loan quickly is a very smart move as you can stand to make huge amounts of savings on interest outflow. By making small regular prepayments over and above your EMI every month, you could stand to save lakh of money in interest payments and repay your home loan months in advance.

The facility to make prepayments without any extra charge should be a key criterion in selection for a lender.

In the beginning of your loan repayment, the majority of your EMI goes towards paying off the interest amount as you observed. However, over time as you pay off more principal, gradually more and more of your EMI payment starts going towards principal repayment and less for interest.

You can ask your lender for an Amortisation Table to properly track your payments and the break up therein.

If you want to make a bigger impact on your principal balance, you should start making regular prepayments.

Prepayment is an amount paid over and above the EMI amount that is deducted directly from the principal due. By reducing the principal amount, regular prepayment ensures that you pay back your principal due before the loan agreement thereby closing your loan early and saving thousands of rupees in interest outflows.

You should always have some liquid amount available handy for regular day expenses or emergencies. Once you deduct this amount, the money available can then be used to prepay your home loan. This will help you save money on interest payments.

You can choose whether to make a bulk prepayment in one go or go for smaller prepayments. From a tax perspective, you can claim exemption on monthly EMI payments which you will not be able to once you pay back your home loan. So it might be preferable to make smaller prepayments instead.

My advice to you would be to actually pay as much down payment as you can from your side to get a better deal on rate of home loan interest and thereby lower interest payments.

Repaying your home loan quickly is a very smart move as you can stand to make huge amounts of savings on interest outflow. By making small regular prepayments over and above your EMI every month, you could stand to save lakh of money in interest payments and repay your home loan months in advance.

The facility to make prepayments without any extra charge should be a key criterion in selection for a lender.