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Harsh Roongta | Answer |Ask -Follow

Answered on Dec 24, 2019

Question by Harish on Dec 24, 2019Hindi

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I have couple of questions regarding home loan.

I took home loan at 9.6 per cent fixed interest for five years from LIC Housing Finance. Is it possible to convert it to the current interest rate which is less? It's around 3 years completed now.

If we make a prepayment amount like Rs 10 lakh, will we get an option to reduce the EMI?

Ans: There will be no pre-payment charge on the partial pre-payment of Rs 10 lakh being made to LIC Housing Finance as it is not being made by transferring the loan to another lender. Yes, you can request LIC Housing Finance to change the fixed rate to the current floating rate but there can be some charges for such conversion.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Harsh Roongta | Answer |Ask -Follow

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Question by Pavan - Dec 24, 2019Hindi

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I stay in Bharuch, a city in Gujarat. I am planning to book a flat of 2bhk in this city. The apartment is still under construction and I need home loan to buy that home. My queries are: How much per cent can I get home loan (I require 90 per cent of total cost). So it is possible by any bank? If the apartment is under construction and I have applied for loan then what will be the EMI condition. Few say till I get possession of house I will be charged only interest as EMI while other says I will be charged EMI with interest and principal amount. So what is correct and best way to me to do? Presently am staying in a rented house. So if EMI starts I will be in trouble as I need to pay both loan and house rent. So please guide me.

Ans: If the apartment cost is below 33 lakh then you can get a 90 per cent of the flat cost (not including stamp duty/registration charges) as a loan.

As long as the project is registered with RERA and approved by the concerned lender you will get a choice between paying just interest till possession (called pre-EMI in banking jargon) or starting off the EMI on the disbursed amount. The choice is yours.

During the years in which the property remains under construction no tax benefits are available for any loan payment – whether interest or principal.

Finally, don’t buy under-construction flats where delays are rife. Just buy a ready to move in flat.

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I have home loan of 28 Lakh for 20 years, I have paid emi for almost 2 and half year. Current interest rate is 9.5. I have plan to prepay entire loan in next 3 years. I want to know can I prepay the loan or do investment in market? Also the interest rate are very high so can I switch the bank?

Ans: It depends on your financial goals and investment profile. If you have many goals to achieve, then investments will make sense.. but if u are closer to retirement and all your goals are achieved, then prepay the loan. Also, loan refinancing is also a good option if lower interest rates are available

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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