Oct 18, 2006 12:08 PM
3808 Views
*I took a home loan from ICICI Bank in Jan. 2006 of Rs. 6 lacs & paying EMI approx. 5300 which
was supposed to be paid for 20 years now its more than that period due to increase
in interest rate.
To my surprise when I took the details of the Pricipal amount & interest amount in the monthly instalment I am paying, The details I got in figures . Rs. 12, 000 is the
Principal amount & Rs. 52, 000 is the interest amount in one year, which I am paying.
This means only Rs. 12, 000 is decreased from my Loan figure in the whole year ending 31st
March 2007.
Who knows (except God) . that after .say - 10 years I might be paying EMI Rs. 7000
and the loan duration has gone from 20 years to 25 years . maybe more AND LOAN
AMOUNT stands as it is. just paying almost 90% interest(rest principal).
So I request to check the Interest Part & the Pricipal part in the EMI which we pay for
such loans.
Madhav Katara
19, Old Idgah Colony
AGRA - 282 001
Handy - 9837 280 280*
