Skip to main content

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: 
  1. Loan amount
  2. Rate of interest
  3. Tenure (months)
  4. The amount you want to repay. 
The calculator will then show you two different results: 

  1. In one result it will show you the reduced EMI, along with the amount of money you are going to save each month. 
  2. The second result will show you the reduced tenure, and the amount that you will be left to pay to finish off your loan.
Labels:

Comments

Post a Comment

Popular posts from this blog

Find here Top and High PA DA Article submission sites list

About Article Submission Article accommodation destinations list assume a tremendous job in expanding traffic and item positioning as a demonstrated strategy in off page SEO.  This is the most savvy path for sites or online journals to venture up traffic dissimilar to spending on PPC promotions.  Article accommodation destinations list is a gift to new web journals or sites.  Many free article accommodation destinations list are for sure an open door for submitting astounding articles.  Web search tools like Google slither quality substance from article indexes making numerous articles in high PR article accommodation sites become famous online. This reflects in list items and the greatest gain is a backlink climbing the specialist record of the blog or website.  Higher web index positioning of a blog shoots up site traffic by method for natural pursuits.  As indicated by specialists, for accomplishing some not too bad traffic, f...
22 comments
Read more

High PA DA Article submission sites list, Classified Submission Sites

About Article Submission Article accommodation destinations list assume a tremendous job in expanding traffic and item positioning as a demonstrated strategy in off page SEO.  This is the savviest path for sites or online journals to venture up traffic dissimilar to spending on PPC promotions.  Article accommodation destinations list is a gift to new web journals or sites.  Many free article accommodation destinations list are for sure an open door for submitting astounding articles.  Web search tools like Google slither quality substance from article indexes making numerous articles in high PR article accommodation sites become famous online. This reflects in list items and the greatest gain is a backlink climbing the specialist record of the blog or website.  Higher web index positioning of a blog shoots up site traffic by method for natural pursuits.  As indicated by specialists, for accomplishing some not too bad traffic, firs...
6 comments
Read more

Fixed Deposit can help you in Saving

Any individual needs to save money for any future situations. They aim to save money but ends up spending it all if proper budgeting is not done. There are multiple ways to save money like mutual funds, investing in the stock market and many more but they all are subject to market risks. However, Fixed deposit , on the other hand, is the most secure form of investment where the investor deposits all the amount at one go for a certain fixed period and gets a fixed return including interest after maturity with no risk. There are multiple reasons which attract the customer to invest as it offers a higher interest rate than usual savings bank account. The money invested here is for a long tenure which cannot be closed in between, however, if needed, can be closed with premature withdrawal penalty. You can also use it as collateral to avail loan or credit card. It also exempts tax up to a certain limit. Fixed deposits are one of the best forms of investment. Read full info: How...
1 comment
Read more