|Lender||% rate||Tenure reduced||Net saving|
|State Bank of India||9.55%||36 months||19,19,651|
We bring to you a prepayment calculator to gauge the impact of a partial prepayment of your home loan. A partial prepayment lets you reduce your home loan tenure, EMI or both, as per your financial needs. This calculator shows you your savings by reducing your tenure. It will also provide you an amortization table to better understand the savings!
If you want to reduce your EMI after the partial prepayment, you can talk to your bank and get the same done.
What is Partial Prepayment?
When you have financial liquidity due to maybe an unexpected bonus, you can choose to partially repay your home loan. This is called Partial Prepayment. It can be done in two ways,
- Do a lump sum repayment of your loan or,
- Repay lump sum amounts at monthly intervals
Whichever option you choose, here you can calculate the impact of this partial prepayment on your home loan and take the best decision towards a stronger financial future!