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How to avail lower interest fees in residence loans? – Assets Hotline

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Qualified: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd.

Problem: I took a personal loan of Rs 28 lakh from LIC Housing in 2009 with tenure of fifteen decades at eight.five% on floating expression. The original EMI was `27,580. With frequent transform in fees the recent EMI is `30,289. I learnt that the EMI has been revised downward with revision of inter-lender Curiosity. I informed LIC I would like to swap above to some other lender or institution. They agreed to lower the amount, but I learnt that the tenure was extended by 5 decades. What recourse can I consider in this case?

Answer: There is no recourse except to ask LIC to lower interest fees as relevant or consider refinance. But let us fully grasp this additional for the gain of all at substantial. In a floating amount kind of personal loan, when there is a reduction in interest fees and the borrower chooses to retain the EMI unchanged. As a end result of which the personal loan tenure reduces.

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