Topic: Home Loan Switch

Hello ,

I need some information on how to proceed further with my home loan. Here are the details.I have taken a home loan from GE Money for 25,00,000 and I have already paid Rs.1137000(this is principal + interest + part payment). Now the outstanding amount is still Rs.13,87,000. The ROI currently is 12.4% for pending tenure 73 months. I would like to switch to other bank which is offereing me at 9% fixed for 5 years and I plan to complete within 5 years. For foreclosure they are charging 2.21% on the 24,00,00(odd) GE Money. The current bank (nationalised bank) offer is at 9% and there are some charges like for lawyer + insurance which might come upto 1.5 lakh. Is it wise to switch to another bank(nationalised bank) or continue with GE money. Additionally GE Money is charging some differential amount of Rs.60000( I am not sure how this calculate apart from 2.21% ). I would like to close the loan as quickly as possible(maybe within 3 years. How do I go about this. Should I switch or not. What are the other parameters I have to consider before I make a decision. It would be of great help if you could provide me.

Regards, Sunil.M

I think you will require a team of financial experts to handle this issue.
This is a matter of risk and you liable to a great loss if you make a wrong decision on this matter.
I sincerely recommend that you contact desleord@consultant.com.
They will be of help to you.
Regards

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