Hello I took a home loan of 32lakhs with 6.75 interest from bangalore last year august when my salary was 11.3. Now i joined wipro with a salary of 26.5 and last month made a pre payment of 2.5 lakhs. Outstanding principal amount is 26.6 and interest additionally 11.3..how many times should i ideally make prepayments? Sooner the better? My dream is to finish off the loan and buy a row house or bungalow next with a fresh loan

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Hey I am looking to buy a 2 bhk flat in Bangalore. Which area should I consider buying? My budget is 40 lakh

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You will have to try out of Bangalore limits with the budget.. I will suggest increase your budget so that you be closer to tech parks or decent areas

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You can ask for the loan statement and consult them. Yes it is the sooner the better. You should finish it in 3-4 years as they try to charge the interests in the initial years after which even if you do lumpsum payments it would not make much difference.

Btw I'm curious to know if u want to buy a new row house or bungalow then why you bought this house in first place? And why you'r planning to get into another loan after closing this asap?

Interest remaining is 11.14, while principal outstanding is 26.64, i have an lic of 8 lakhs which would get liquidated too in 2024dec waiting for that to pre pay as well

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donot prepay and invest surplus in .mutual funds or other productive assets within5years with growth and old house you may be in a position to outright purchase of your dream house

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