A ₹5 lakh part payment after the first year is filled in. Change it to your own figures.
A prepayment goes straight to the principal, so every later EMI carries less interest. On a ₹30 lakh loan at 8.5% for 20 years, paying ₹5 lakh after the twelfth EMI ends the loan 73 EMIs early and saves about ₹14.1 lakh of interest.
A prepayment goes straight to the principal, so every later EMI carries less interest. On a ₹30 lakh loan at 8.5% for 20 years, paying ₹5 lakh after the twelfth EMI ends the loan 73 EMIs early and saves about ₹14.1 lakh of interest.
Small, regular amounts work too. Adding a twelfth of an EMI every month, which equals one extra EMI a year, cuts the same loan by about 41 EMIs and saves about ₹6.5 lakh. Keep the EMI the same and let the tenure fall; that saves the most.
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Reducing the tenure saves more interest. Reduce the EMI only if you need room in your monthly budget.
Not on a floating-rate home loan taken by an individual: RBI rules do not allow it. Fixed-rate loans may carry a charge.
As early as possible. In the first years most of each EMI is interest, so money you prepay then saves the most.
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