Topic: Home loan taken from Lic Housing Finance Ltd.

This message was edited 1 time. Last update was at 24/02/2010 12:05:29

I have taken a home loan of Rs.18,00,000 for 20 years from lic housing finance ltd at 8.75 % floating rate of interest but after first quater only they have increased my emi from Rs.16000 to Rs.16500 with 10% roi.

Now, my question is by increasing EMI of Rs.500, they have also increased my tenure period from 20 to 25 years.

Is it right or wrong since if they have increased my EMI they should not increase my tenure from 20 to 25years.my tenure should be 20 years.

Kindly suggest whether is it right or wrong

Rgs,

Shailendra

Hi
As you know that in India home loan for first 3 years is fixed, after 3 years it would be charged on floating basis. So this could be the reason for sudden change in your EMI and moreover, it doesn't effect your tenure period, it would be the same.

This message was edited 2 times. Last update was at 30/03/2010 10:01:11

Lic housing finance providing you home loans and give the facility to finance dream house by providing home loan at low interest rate. This is providing housing loans, home improvement and extension, land loans, commercial property loans and the home equity and top-up/personal loans.

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