What happens when you make a prepayment on a home loan?



What happens when you make a prepayment on a home loan?

When you make a prepayment, the EMI can be kept the same and the tenure can be reduced or the tenure can be kept the same and the EMI can be reduced. You can use the home loan prepayment calculator to check the exact details. Some of the details that must be entered to use the home loan prepayment calculator are mentioned below:

How to use a home loan prepayment calculator?

Use home loan prepayment calculator to check the EMIs in case you wish to prepay a portion of the home loan. Basic details such as the prepayment amount, interest rate, tenure, and loan amount must be entered to calculate the EMIs.

What is HDFC home loan prepayment calculator?

HDFC Ltd Home Loan Prepayment Calculator helps you in calculating the amount that you save by making a prepayment on your home loan from HDFC. HDFC’s partial prepayment will help you in reducing the total tenure of your existing home loan, EMI or both of these together. This can be done as per your financial requirements.

What is the minimum part payment required for home loan prepayment?

The minimum part payment amount that must be paid is three times the EMI. The home loan prepayment EMI calculator is offered by various third-party websites. You will need to enter details such as the loan amount, tenure, rate of interest, and the amount you would like to pay.