Topic: Early Part Payment of the Home Loan

I have taken a home loan of Rs. 20.00 lacs in the year 2005-06 from ICICI Bank. Uptill now, I have almost make part payments of Rs. 08.00 lacs. Pls advise can I ask from ICICI Bank to either reduce my rate of interest or reduce my EMI on account of the part payments already made.
Presently, the rate of Interest and the EMI are same which I was paying in the initial stages of the loan. If the amount paid as part payments would have been deposited in Fixed Deposits, the same would be fetching the interest, But here, I am not receving any kind of benefit for the part payments made.
Pls advise.

Hi,

i am sunithasharma

I have almost make part payments of Rs. 08.00 lacs. Pls advise can I ask from ICICI Bank to either reduce my rate of interest or reduce my EMI on account of the part payments already made. Presently, the rate of Interest and the EMI are same which I was paying in the initial stages of the loan.

regards,

phe9oxis,

http://www.guidebuddha.com

Do we have online facility in icici hoam loan for doing early part payments as we are currently no in the country?
please advise..

aftter part payment EMI and loan length will change.benefits of early payment ?

Hi,

I have taken home loan in 2006 Jan for 1530000 from LIC HFL. Till now no part payment made. But my outstanding still shows 14lacks+. Please let me know if i do a part payment of 100000 how many years will get reduced. As of now Aug 2023 is end of my loan period. please advice

save money and keep doing part payment, you can reduce your principal as well as rate of interest.

hi...
it'll better if u'll do part payment it will reduce ur tenue and at the same time your principal deduction through EMI will me more as compare to present. but before going for part payment you must be consult with bank about charges for partpayment. bcoz some bank like axis bank they are not charging any fee for partpayment.but other bank may charge. and also try to get information from bank for minimum and maximum part payment amount without any charges.

u can use this link to calculate rest amount after partpayment
http://www.bankbazaar.com/finance-tools/emi-calculator.html

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