About Home Loan Prepayment Calculator
Home Loan Prepayment Calculator — Calculate how much interest and tenure you can save by making extra monthly or lump-sum prepayments on your housing loan.
How to use the Home Loan Prepayment Calculator
- Enter your current loan outstanding principal.
- Provide your annual interest rate (%) and remaining loan tenure.
- Input your planned extra monthly or annual prepayment amount.
- Click Calculate Prepayment to compare Reduce Tenure vs Reduce EMI savings.
FAQs
Is there any penalty for home loan prepayment in India?
As per RBI guidelines, banks cannot charge any prepayment penalty on floating-rate home loans for individual borrowers.
Should I choose Reduce Tenure or Reduce EMI?
Reducing tenure saves significantly more interest overall. Reducing EMI lowers monthly outgo and improves cash flow.