Below is the EMI ( monthly outgo ) for 20 lacs loan @12% p.a. monthly rest (a) 10 Years - 28700 ( Total outgo 34,44,000/- ) (b) 12 Years - 26280 ( Total outgo 37,84,320/- ) i.e. just by taking an extra burden of (a) Rs. 6,660/- OR (b) Rs. 4,240/- , Mr. Kumar will save (a) Rs. 18,45,600/- OR (b) Rs. 15,05,280/- So, while going for Housing Loan Please try to take the tenure as less as possible Thanks
RE:All Rediff Viewers - Please Consider This - Important
by on May 02, 2007 01:48 PM Permalink
Very rightly put. I borrowed for 10 years only at 7.5% fixed rate (Nov,2004). I have been lucky so far to be spared from a rate revision.
