How you can prepay your Home Loan?

Home Loan Pre Payment means early loan repayment in case of surplus cash lying idle with you. Prepayment means paying your loan’s EMI installment before its due date. A home loan prepayment is calculated making use of prepayment calculator which helps you to gauge the impact of a partial payment of your home loan. A partial prepayment lets you reduce the tenure of your existing home loan, EMI or both as per your financial requirements. It will also provide you with an amortization table to have a clear and better understanding of the savings you will have. Before you make a pre-payment, you should know that the pre-payment amount must be at least three times your existing home loan EMI. Everyone who has a home loan thinks of repayment because not only it helps you get relieved from the loan but it also saves a considerable amount of money.

For prepayment of a home loan some of the major things need to be kept in mind especially the prepayment charges, when can we prepay loans and how can it be done without disturbing one’s financial balance.

READ MORE: Want to prepay your home loan, Here is how you can do it?

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PREPAYING OF HOME LOAN

Being in debt is not an ideal situation for anybody. However, there are some scenarios where availing a loan is necessary to fulfil your dreams, like in the case of a home loan. The dreams of millions of people have come true due to availing a home loan. But, if you have some money to make a partial or full prepayment of a home loan , then it is worth considering. After you make the prepayment, you will have the option to decide among two scenarios, and they are: First, you can opt to reduce your EMI. It will help you save some money each month. The second option you will have is you can opt to reduce your tenure and continue paying the same EMI. in this way your loan will be finished earlier. This decision can be made more easily by using the home loan prepayment calculator. All you have to do to use this calculator is enter the following fields: Loan amount Rate of interest Tenure (months) The amount you want to repay. The calculat

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