Hello all
I am a 27 years old woman living in usa. I have a house loan of
15 lac principal amount which i took from LIC Housing Loan at floating interest rate in year 2007.
after seeing the hike in housing interest rate i was issued a notice from LIC stating my number of installments incresed with final amount to be reapyed is close to 60 lac...
if i increase EMI to 50,000 from 15000 which i presently pay then i would get rid of my loan in approx 3 yrs..
how far i am right in my decison ?
sitting here can i ask the LIC officials to increase my EMI ? ...IF NOT THEN WHAT IS THE PROCESS?..IS IT LONG AND COMPLEX?
plz consider me naive but need help truly
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  • make a phone call + email

    Do make sure to send a physical letter asap supported by a email and a phone call after a months time also use prepayment options on a regular basis to keep your loan undercontrol.When you are saying 60 lakhs is the amount you mean till end of tenure?
  • With the details given it may not be possible to reply effectively. However I find this 15 Lac principal going to 60 lac overall even after the rate hike very exaggerated. First do the computations yourself based on the revised letter of intimation from LIC with the new interest rates. I cant believe this 15 -> 60 business.. Even without the details I can say its almost impossible...
  • hi again
    thanks for considering my post.
    well i took loan 2 yrs back at 9.x% interest rate and have paid around 22 EMI till date thereby reamaning principal amt is 1415000.
    now with 12% interest rate if i keep my EMI same ie 15300 then my number of installments will be arnd 261.. which means that i'll be paying this amt for next 21 years and at the end total would be arnd 41 Lac.
    I am thinking of increasing the EMI to 50000.how far i am right?