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Pre-pay Your Home Loan With Minimum Losses

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Pre-pay Your Home Loan With Minimum Losses - PowerPoint PPT Presentation

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Use the interactive home loan calculator to calculate your home loan EMI. Get all details on interest payable and tenure using the housing loan calculator\n

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According to data maintained by housing finance companies, the average tenure of a home loan is seven years.

  • This is partly because many borrowers choose to pre-pay their loans as they upgrade their homes.
  • Pre-paying loans when you choose to relocate is expensive. Part of this expenditure can be avoided if you accelerate your repayments by pre-paying only in small parts, which is allowed by most lenders.

Stepping up you EMI This is a common option exercised by borrowers. But it's not the best way to pay your loan faster. "If you are paying a lumpsum amount, it has a direct impact on the principal amount.

  • It simply means repaying the principal back to the lender and it is straight forward.
  • Even if you pay by way of increased Emi Calculator India after the interest cost, which is constant, the balance would go towards servicing the principal.

Scheme that suits your need

  • If you are clear about settling dues at the earliest, then look for a scheme that allows maximum part-prepayments in a given year.
  • For instance, some banks allow such payments once a year whereas some banks allow such payments 3-4 times a year, subject to an overall ceiling of 25% of the outstanding amount.
  • Similarly, many banks offer home saver loans in which you have to pay interest only on the utilized amount rather than the entire disbursed amount.

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