![]() ![]() Home loan borrowers can make the most of this calculator to easily determine whether home loan prepayment will be beneficial or not before choosing the prepayment option. This home loan prepayment calculator can be used by borrowers to estimate some important aspects of a home loan prepayment. This can help the borrower to know the extent to which prepayment can help minimise the overall liability burden. With this information, the calculator estimates the impact of prepayment on EMI for the remaining tenure. This calculator requires a user to enter a few details, as mentioned below: ![]() Here is everything one needs to know about this easy-to-use online tool.įisdom’s home loan prepayment calculator is a free-to-use online tool that can help home loan borrowers easily estimate the benefits of using the home loan prepayment option. To keep a track of the total prepayment made against the home loan, one can use an online home loan prepayment calculator. Some banks may charge prepayment penalties if the prepayment amount is beyond a certain limit. Borrowers who wish to opt for home loan prepayment must ensure to check on the prepayment charges applied by the bank before using this option. With the part payment of a home loan, one can reduce the overall interest outgo. Many home loan borrowers opt for home loan prepayment since a longer repayment tenure usually increases the interest liability. In a home loan prepayment, a borrower can either makes a substantial payment out of the principal liability or entirely foreclose the loan account through repayment of the outstanding loan before the loan tenure ends. As the name suggests, this is payable over and above the regular loan EMIs or equal monthly instalments. Home loan prepayment allows borrowers to repay a home loan through a lump sum payment at any point before the loan tenure comes to an end. ![]()
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