Home loan

[Ezazelahi9]

I have a home loan from IIFL, which is 5041845 lacs, ROI is 9.75 for 20 years, and the EMI I have to pay every month is 47823, what could be the best possibility payment of EMI, that I can save interest and clear as soon as possible.

 

[zacobite]

I have a home loan from IIFL, which is 5041845 lacs, ROI is 9.75 for 20 years, and the EMI I have to pay every month is 47823, what could be the best possibility payment of EMI, that I can save interest and clear as soon as possible.

do u have very low cibil or default in the past.. why so high interest rate? going rate is 8.25-8.5%.. best way to save.. move loan to a bank

 

[Ezazelahi9]

Nope, my score is above 750 not a defaulter.

 

[zacobite]

Nope, my score is above 750 not a defaulter.

so move. your loan... u will. save lots of interest

 

[abhimarda]

I have a home loan from IIFL, which is 5041845 lacs, ROI is 9.75 for 20 years, and the EMI I have to pay every month is 47823, what could be the best possibility payment of EMI, that I can save interest and clear as soon as possible.

Even IIFL currently is offering almost 1% lower interest rates. Best would be to move the loan to a bank else talk with IIFL to reset the loan interest noting market rate is lower and they are also offering lower interest to new customers, for that they take some charge and reset to new rates.