why are you increasing the term?If my bank is offering conversion from 8.85% to 8.55% on a home loan, as of now 51 months are pending to complete the loan, and post-conversion it says 60 months as the term. Should i opt it and convert?
It depends if you are comfortable with your current EMI.means you have no issue of liquid fund to pay your Emi then you should be stick to your current loan.untill and unless you want to reduce your emi don't opt for conversion.it reduce your principal payment and increase your interest payment.If my bank is offering conversion from 8.85% to 8.55% on a home loan, as of now 51 months are pending to complete the loan, and post-conversion it says 60 months as the term. Should i opt it and convert?