Loan/Mortgage

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6 thoughts on “Loan/Mortgage

  1. Hi,
    I have recently booked a home which is due for possession in Dec. 2014.
    My query is related to the payment of the total amount. I am willing to pay about 50% of the amount using the Funds of my Dad, 10% using my funds and reset 40% using home loan. I want to put up 50% fund of my Dad as a loan on me through a certificate issued by my Dad, though i am willing to start paying loan interest after 5 years or so (making these 5 years as holiday period to pay loan interest to my Dad) by when i am expecting to close the home loan amount. Is this arrangement is possible and if yes, then what paper work to use for this? Also later Can i stop the interest + principal payment to my Dad abruptly and what could be the outcomes of this.

    1. Dear Mohit,

      Your father is free to give you an interest free loan. In this case he can simply give a cheque made out to your home loan account. you could write down the details in a piece of paper and mention that the sum is interest-free and get it checked by a CA. That should be it.

      The more important question to ask is what are you gaining by prepaying? Of course besides from psychological comfort.

      Suggest you run the numbers in
      http://freefincal.com/updated-pay-off-home-loan-or-invest-for-retirement-calculator/

  2. Hello Dear,
    My loan remaining tenure is 24 months. and in my EMI is 3745..If i want to repay the loan and loan early payment charges is 1%, how it is calculated the closing amount?
    Also please provide any reference calculator webpage if you can..
    Thanks
    REgards

    JD

    1. Hi JD, I am not an expert on mortgage. Any mortgage amortization calculator with prepay options will help you out. Just search for those on the web. I don’t remember the links now.

  3. Sir,
    I have a query on calculation of interest on home loan every month. I assume it is on a daily-reducing-balance basis, however, the home loan I have doesn’t quite add up. Here’s an example –
    Interest rate = 10.25%
    From 31st Aug to 4th Sept, i.e. 4 days, Balance = 971,978
    From 4th Sept to 10th Sept, i.e. 6 days, Balance = 1,358,021
    From 10th Sept to 30th Sept, i.e. 20 days, Balance = 1,329,169
    My understanding is that Interest on 30th Sept = 10.25% * (971,978 * 4 + 1,358,021 * 6 + 1,329,169 * 20)/365 = 10,845
    However, actual amount charged in bank = 10,945
    Any idea how this amount is arrived at?

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