How can i check my current home loan payments?

I took 42 lacs loan, three years back from a private bank. Till date I have paid 20 lacs. To my surprise they cut only 7 lacs from principal amount and I end up paying 13 lacs as interest rate. My EMI is INR 53858.00. I took that loan for 10 years. Is there is anything wrong? Please express your expertise.

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  1. Call your lender and request a statement. Your interest must be high. Get a better loan. Rent part of home or garage or work an extra job to pay an extra amount on the principal each month.

    Good luck God Bless

  2. dude,

    the way the loans work, initially a large percentage of your EMI , will be used for paying interest, and only a small portion of it will be use d to pay your principal, but as you get nearer to the end of your loan tern a larger portion will be used to pay your principal and a smaller portion to pay your interest..

    difficult to explain in words…u may use..
    or any online loan calculators to find out how it works.