It is advisable to part-prepay or prepay your loan when you have an adequate fund. Pre-paying enables you to lower the interest burden, and thus the cost of the loan.<\/span><\/p>\n
To help you with these prepayments and their calculation, financial institutions and NBFCs have introduced a <\/span>home loan prepayment calculator<\/span><\/a>. This calculator helps you estimate the most suitable pre-payment amount to reduce your total cost of the loan.<\/span><\/p>\n
Follow the guide mentioned below to use this calculator \u2013<\/span><\/p>\n
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To use this calculator, visit your lender\u2019s official website and search for the calculator section. Under the calculator section, you will find different types of calculators such as EMI calculator, foreclosure calculator, home loan eligibility calculator, prepayment calculator, etc. Click on the <\/span>home loan prepayment calculator to calculate your prepay amount.\u00a0<\/span><\/p>\n
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Once you click on the prepayment calculator, you will be redirected to a new page. Here, you will have to provide some necessary information regarding your loan such as loan amount, interest rate, EMI tenure, etc.\u00a0<\/span><\/p>\n
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After you have submitted the details of your loan, provide the amount you want to prepay. <\/span>Make sure that the amount you wish to pay is three times of your EMI.\u00a0<\/span><\/p>\n
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Once you have provided all the details, you will be shown two tables named EMI saved and tenure saved.\u00a0<\/span><\/p>\n
The \u2018EMI saved\u2019 option will show the amount you will save on your EMI if you make a prepayment. The \u2018tenure saved\u2019 option will show the reduction in the EMI tenure after you make a prepayment.<\/span><\/p>