Home loan payment using credit card

[akashs]

Did we pay home loan using any credit ??

 

[Skylar]

In India, home loans cannot be paid using a credit card. Home loans are substantial amounts and are considered secured loans. Banks typically prefer that you pay your EMIs by linking your primary bank account. On the other hand, home loans carry an interest rate of 10-11%, whereas credit card interest rates fall in the range of 36%. So, while credit cards offer convenience and rewards, they are not suitable for directly paying off home loan EMIs.

 

[ShavirB]

Did we pay home loan using any credit ??

Techincally you can indirectly pay home loan by credit card but you should not. This is something bankers call evergreening. Simply this means you're rotating money from one credit to another. If Banks find out about this, they will immediately flag off your profile and ban you credit card