Should you foreclose your home loan?

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How to Calculate Home Loan Emi
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Should you foreclose your home loan?
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• A home loan can help you buy a house early in
  life but it is also a burden which many people
  want to get rid of as soon as possible.
• Deciding whether to close a home loan or not is
  always a tough decision.
• There was a time when banks charged for
  prepayment, but this is no longer allowed.

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• There was a time when banks charged for
  prepayment, but this is no longer allowed.
• Still, there are other factors which should be
  considered before deciding to foreclose a home
  loan How to Calculate Home Loan Emi.
• For some people, a loan is a very stressful
  thing. Even if they are comfortable paying the
  EMIs

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• The maximum deduction for the interest is Rs 2
  lakh per annum if the house is self occupied.
• If your total interest outgo is greater than the
  amount of tax deduction then it is wise to invest
  the surplus money in closing/reducing the home
  loan.
• Of course, if the property has been rented out,
  the entire interest can be claimed as a tax
  deduction.
• Source http//economictimes.indiatimes.com/wealth
  /borrow/should-you-close-your-home-loan/articlesho
  w/55127164.cms

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