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Prepayment of Home Loan?


Home Loan Pre Payment simply means early loan repayment in case if you have surplus cash. As a borrower, you may close your loan before the due date to reduce your borrowings and monthly EMIs. You may repay the loan from your own savings or by transferring your loan to another bank to get lower interest rates. The partial prepayment helps you in reducing the tenure of your existing home loan, EMI, or both as per your financial requirements. 



A home loan repayment is calculated with a home loan prepayment calculator that helps you to determine the impact of a partial payment of your home loan. It also provides you with an amortization table to have a clear and a better understanding of the savings you will have. Before you make a prepayment, you should know that the prepayment amount must be at least three times your existing home loan EMI. You must know-how you can calculate the prepayment amount on our loans as well as know in which all cases we don't need to pay the prepayment charges (Individuals take floating Rate Home Loan, Fixed Rate Home Loan from HFCs, provided the prepayment is from own sources and Dual Rate Home A loan from Banks or HFCs) and the cases where we have to (Home Loan is taken by non-individuals, Fixed-Rate Home Loans taken from banks, Fixed-Rate Home Loans taken from HFCs and Dual Rate Home Loans by individuals).


READ MORE: Prepaying Home Loan?, Think Again !!
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