Home loan: prepayment helps
Posted by propertyagentsindia on May 26th, 2012
A home loan is usually the biggest debt that a person takes on during a lifetime. Given a long tenor and high amount of loan, the total interest you pay to the lender is almost as big, if not bigger, as the loan amount itself. For instance, you pay a total interest of Rs. 65.8 lakh on a loan of Rs. 50 lakh taken over a tenor of 10 years with an interest rate of 10% per annum. If you had never calculated your the total interest you pay and the figure comes as a shock for you, here’s a way to lessen the pain if not remove it completely: [...]
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