Prepay this much of your home loan to save Rs 17 lakh interest
The total interest for a Rs 50 lakh home loan outstanding with remaining tenure of 20 years, where the interest rate has risen from 7% to 9.25%, will rise by Rs 17 lakh — from Rs 43 lakh to Rs 60 lakh — if the EMI remains unchanged at the current level. If you are a borrower, this is a significant rise in your obligation. You should do your best to keep this under control.
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