RE:Increasing EMI
by mottu on Apr 09, 2007 12:49 PM Permalink
Pls check with your banker . In some banks if you are planning to pay more EMI than the current EMI then 2% will be charged as penalty on excess amount ( say your EMI is Rs 15000 and you are planning to increase to Rs 20000 then 2% of Rs.5000 ( Every month )will be charged as penalty ). Pls check with your bank before increasing
RE:Increasing EMI
by on Apr 09, 2007 12:16 PM Permalink
yes its always better to pay more then the actual EMI , even if its more by a Rs 1000. It will we reduce the period substantially.
RE:RE:Increasing EMI
by mottu on Apr 09, 2007 12:54 PM Permalink
Pls check with your banker . In some banks if you are planning to pay more EMI than the current EMI then 2% will be charged as penalty on excess amount ( say your EMI is Rs 15000 and you are planning to increase to Rs 20000 then 2% of Rs.5000 ( Every month )will be charged as penalty ). Pls check with your bank before increasing
RE:Increasing EMI
by Rajendra Kulkarni on Apr 09, 2007 12:23 PM Permalink
no. it wont be good. if are already in floating chances are there that in future the interest rate may be reduced. instead of increasing the emi save that in our account and do a part payment. that will reduce your tenures and you can takle the advantage of reduction in rate. i dont think the rbi will further increase the interest. if they do that economy will fall down and shatter our country growth. so dont worry hold on and save that money and do a part payment and reduce your tenures. :)
