my monthly earning apprx. Rs.40000-50000/- p.m.
My two loans status:
1. Housing loan of Rs.1150000/-(Original Amt.), at interest rate of 9.50% for 20 years [ my monthly installment is Rs.10900/-]
this loan taken in Jun-2009
2. Car Loan of Rs. 330000/- at Int. 9.50% for 5 year [ my monthly installament is Rs.7000/-]
this car loan taken in Nove-2010
Note: there is no any pre payment charges on above both loans
now please advice me that if i want to pay ad hoc amount appr. Rs.200000/- lacs. ( i have 4 option only)
A. part pay Housing loan ?
B. Part Pay Car loan ? or
C. Make SIP/ FD or other saving of this 2 lacs. and earn income/interst to pay installment..
D. combination of any above
please tell me which option should i opt?