Topic: Pre-Closing home loan

Hi,

I have 2 home loans with HDFC & LIC respectively.

HDFC - for which I have been paying EMI (Rs.20000 per month) for last 3 years and the property is in my native place. The tenure is for 15 years. (11.5% now and its floating)

LIC - for which I have been paying EMI (Rs.35000 per month) for last 1 year and I am currently residing in here. The tenure is for 15 years. (9.5% fixed for 5 years)

I feel 2 EMI's are burden for me and I am thinking of pre-closing the HDFC home loan. The remaining amount is about 13 lakhs approx so that I will have Rs.20000 in my hand.

Please advise me on the same with other good options.

Thanks in advance.

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