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The increase in rate of interest will impact your EMI or tenor. If you wish to reduce your EMI or tenor you can do by paying proportionate amount in your Loan Account.
Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.
Yes you can make part pre-payments and generally there are no charges for floating rate loans. For fixed rate loans it may vary as per bank norms. Usually banks provide facility of par prepayment up to a maximum of 25% of the balance outstanding against your loan amount at the time of request. All part prepayments made 12 months prior to the foreclosure of the loan will be charged at the applicable foreclosure rate at the time of foreclosure.
Yes. You can repay the loan ahead of schedule. Most of the banks don’t charge any Prepayment Charges for Floating Rate Home Loan. For fixed rate home loan the prepayment.
The total interest payable by you would qualify for deduction under Section 24 for income tax purpose up to overall limit of Rs. 150,000/-. Principal repayments would qualify Stamp duty and registration charges and other expenses related directly to the transfer are also allowed as a deduction under Section 80C, subject to a maximum deduction,