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Is clearing the home loan a better option or should I go with the regular EMIs for the entire tenure ?

Itsme asked:

I already have a home loan with ICICI on a floating interest rate. I’am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end).
Clearing a home loan is what I meant of getting rid of the loan by making a pre-payment.
Asked on: 2008-11-15 07:43:13

1 Comment

  1. xplorshinji says:

    I am not sure what you refered to when you said clearing the home.

    On the EMIs, I hope you are referring to PMI. If you owe 80% or less, you can demand the mortgage company to move the PMI with an acceptable appraisal report to that bank showing that the value truly is higher.

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