Hi All senior members/experts
I need your help/suggestions regarding the calculations of my home loan interest. Ive purchased flat in wakad, Pune and opted home loan from LICHFL :((since beginning I had many troubles). Recently I paid the builder 13, 00,000 demand letter cheque and paid interest and service tax accordingly. Now there are some confusion over here :confused:.
1. Since I got disbursement cheque from LICHFL on 05-Apr-2013 I should have been charged for 25 days interest but the LICHFL agent said they have cycle from 5th of each month hence they will charge for entire month and not for 25 days.
2. Now 2nd demand letter is there for the amount 3,00,000 and LICHFL agent has told me the interest would be something like this 13,00,000+3,00,000=16,00,000 for the entire amount and like this for each demand letter the amount will keep on increasing.
3. Also my LICHFL agent has suggested paying principal amount onwards so that it wont be burden in future or else it will be added in EMI.
Being novice to all these things I wanted to confirm that the calculations are correct and if I can avoid anything, if not can anyone explain me what to do. Thanks in advance.
I need your help/suggestions regarding the calculations of my home loan interest. Ive purchased flat in wakad, Pune and opted home loan from LICHFL :((since beginning I had many troubles). Recently I paid the builder 13, 00,000 demand letter cheque and paid interest and service tax accordingly. Now there are some confusion over here :confused:.
1. Since I got disbursement cheque from LICHFL on 05-Apr-2013 I should have been charged for 25 days interest but the LICHFL agent said they have cycle from 5th of each month hence they will charge for entire month and not for 25 days.
2. Now 2nd demand letter is there for the amount 3,00,000 and LICHFL agent has told me the interest would be something like this 13,00,000+3,00,000=16,00,000 for the entire amount and like this for each demand letter the amount will keep on increasing.
3. Also my LICHFL agent has suggested paying principal amount onwards so that it wont be burden in future or else it will be added in EMI.
Being novice to all these things I wanted to confirm that the calculations are correct and if I can avoid anything, if not can anyone explain me what to do. Thanks in advance.