A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Home Loan Prepayment Calculator

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  • If you’re already in the process of repaying a home loan or are thinking of applying for one, take a look at how prepayments can help you pay it off faster.

    What do you mean by Home Loan Prepayment?

    When you take a loan, you need to repay it every month in the form of EMIs over a tenure of your choice. Now if you have some extra money with you, you can pay it towards your loan before it is due.

    Early repayments are called prepayments. This is usually a large amount, say, 3 times your EMI amount. The prepayments you make go toward reducing the outstanding principal of your loan. When the principal reduces, the interest also reduces proportionately.

    When both the principal and interest components reduce, it results in lowering your EMIs as well. Here, you have two choices. You can keep the tenure constant and lower the EMI amount or you can keep the EMIs constant and reduce your tenure. The latter will help you pay off the housing loan faster. You can also avoid paying extra interest charges that come with longer tenures.

    What is a Home Loan Prepayment Calculator?

    A part payment or prepayment calculator is one that allows you to factor in prepayment plans. The results show you the impact of paying a part your loan in advance.

    How to use the Home Loan Prepayment Calculator

    Using this calculator is fairly simple. All you need to do is input the required details in the respective spaces. The calculator will generate the results automatically.

    How the Home Loan Prepayment Calculator Works

    Let’s now look at how this tool works. We’re assuming the following numbers to illustrate this:

    Loan amount (principal) = Rs.20 lakh

    Tenure = 20 years

    Interest rate = 9% p.a.

    Using an EMI calculator, you will see that your EMI without any prepayment is Rs.17,995.

    Now let’s say you make a prepayment of Rs.1 lakh. Your EMI now will be Rs.17,095. That’s a reduction of Rs.900 every month (5% EMI savings). You can also choose to keep your EMIs at Rs.17,995 and reduce your tenure.

    Using this calculator can help you find out how you can pay off your loan a lot faster.

      

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    Home loan prepayment calculator Reviews

    • DHFL Home Loan
      "DHFL Loan is good"
      0.5 4.0/5 "Great!"
      Chosen my home loan from DHFL. They have provided me a interest rate of 8% and there is no hidden charges deducted. They have disbursed the loan on time. I have selected the tenure period of 24 years. They are having a pre-closure facility with some charges. The documentation process was smooth.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2019
    • HDFC Limited
      HDFC Limited Home Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken Home loan through HDFC Bank directly.The rate of interest was nominal ,The loan amount got sanctioned on exact time frame .All the details about the loan process was clearly explained by the agent. and the process was smooth .The loan amount was sufficient and satisfied with the service as well.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Nov 13, 2019
    • LIC Housing Home Loan
      "Better Loan service"
      0.5 4.0/5 "Great!"
      From LIC housing i have taken my home loan. In other bank, there are lots of documentation process but in LIC, the document process is very less. Within 3 days, they have sanctioned the loan. I got the loan amount of Rs. 14.5 lakhs and i bought it 16 years back and the total tenure period of the loan is 20 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 13, 2019
    • Bajaj Finserv Home Loan
      "Need to stop by getting many calls "
      0.5 3.5/5 "Pretty good"
      On two years before I had taken home loan with BAJAJ FINSERV. The amount was sufficient for tenure period of 20 years. Rate of interest was bit high, in case if charges get reduced, this detail will not be updated to customer from bank end. There is an option for a pre closure and part payment. Took one week to sanctioned a loan. One drawback was getting many calls for marketing purpose, per day I get 3-4 calls.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 12, 2019
    • Axis Bank Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a home loan from Axis Bank, The loan amount was Rs. 25.75 lakhs and tenure was 20 years. Rate of interest what i am paying is 8.75 %. Customer service and responsiveness is good. Documentation process is very simple executive collected and i uploaded through online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 12, 2019
    • SBI Home Loan
      "Before approval documentation process was fine"
      0.5 5.0/5 "Blown Away!"
      Purchased the home loan in SBI, 5 years back. I am paying the EMI amount of Rs. 22000 every months after i have taken the top up. They have provided me a interest rate of 7.25%. I got the loan amount of Rs. 27 lakhs and i have selected the tenure period of 240 months. They do have a partial payment and pre-closure facility without any additional charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 12, 2019
    • Indiabulls Home Loan
      "Very Good Loan"
      0.5 5.0/5 "Blown Away!"
      Chosen my personal loan from Indiabulls because they have provided me a loan without any documents and it was a simple procedure and i have uploaded all the documents through mobile app. Within 3 days, they have sanctioned the loan. They have provided me a interest rate of 18%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 10, 2019
    • Bajaj Finserv Home Loan
      "Better Loan"
      0.5 3.5/5 "Pretty good"
      I took the home loan from Bajaj Finance but after 3 months, they have increased my interest rate. They provided me a interest rate of 8.65%. They said will give more benefits but they are charging as per the RBI rates. Since 2004, I have card for EMI facility.
      Was this review helpful? 1
      , navi mumbai
      Reviewed on Nov 09, 2019
    • Bank of Baroda Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I got the great experience in Bank of Baroda. I just visited the branch once and they have given a home loan on time. When i shifted to different place, i was planning to pre-closure the loan at the time the staffs are helpful. I bought the loan amount of Rs. 18 lakhs with the tenure period of 15 years but it got closed in 10 years.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 08, 2019
    • HDFC Limited Home Loan
      "Transparency and clear in HDFC"
      0.5 5.0/5 "Blown Away!"
      HDFC home loan service is excellent because they are very transparent in giving the details. Their process is very clear. I bought the loan amount of Rs. 15 lakhs and it was taken for 20 years and the EMI amount was Rs. 15000 but i pre-closed the loan by last year. There is no hidden charges.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 08, 2019
    • ICICI Bank Home Loan
      "Need to improve the privileged customer service"
      0.5 3.5/5 "Pretty good"
      My home loan was taken from ICICI and they have deducted my EMI even before given the cheque to me. I have taken the loan amount of Rs. 40 lakhs in the year of 2012. Even before given the cheque to the builder they have taken the EMI amount of Rs. 55000 except processing fee. The loan has a tenure period of 10 years.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 08, 2019
    • SBI Home Loan
      "Good Home loan"
      0.5 4.0/5 "Great!"
      I never contacted SBI customer care service regarding a home loan services. Interest rate was less so I have chosen this bank for my home loan. The interest rate was nominal which is 8.35%. I got a loan amount of Rs. 50L and they are providing pre - closure and partial payment facility. I got a loan with in 1 week.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 08, 2019
    • Punjab National Bank Home Loan
      "Need to provide more amount"
      0.5 4.0/5 "Great!"
      I have taken a home loan with PNB HOUSING FINANCE on 8 months before which was processed directly with them. At that time I was in need of money, other banks need all documents to submit for verification but in PNB process was good and they asked to submit required documents only. I was in need of 22L but they have sanctioned a amount of 21.20 L and tenure period of 30 years. Rate of interest is floating so as of now 8.15%. Pre closure option is applicable.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Nov 08, 2019
    • UCO Home Loan
      "Good Loan Service"
      0.5 3.0/5 "Satisfactory"
      My salary account is in UCO bank so i had applied the home loan from the same. I bought the loan amount of Rs. 18 lakhs in that first they have sanctioned Rs. 10 lakhs and for the construction purpose, they have given Rs. 5 lakhs. They have provided me a interest rate of 8.5%. I have been paying the EMI amount of Rs. 18,500 for the duration of 30 years. They have sanctioned the loan immediately.
      Was this review helpful? 0
      , bankura
      Reviewed on Nov 06, 2019
    • ICICI Bank Home Loan
      "Good interest rate to the needy person"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken from ICICI because i am a banking customer of ICICI from the year of 2012. I purchased the loan amount of Rs. 18 lakhs and i have been paying the EMI amount of Rs. 14900. I have selected the duration of 30 years. They have sanctioned the loan within 10 days.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 06, 2019
    • review Home Loan
      "Quick response in Fullerton"
      0.5 4.0/5 "Great!"
      For purchasing the open plot, I got a home loan from Fullerton. The open plot venture has tied up with Fullerton so I avail the loan with them. I got the loan amount of Rs.10 lakh for the rate of interest of 12%. I am paying EMI amount of Rs. 10,200 for tenure period of 20 years, since its plot come construction loan. Customer service done a proper follow up with the customer.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 06, 2019
    • LIC Housing Home Loan
      "Best service"
      0.5 4.5/5 "Excellent!"
      I have taken LIC home Loan on June 2018, to buy a flat, they have approved loan amount of Rs.26 lakhs with the interest rate of 8.45% floating type. I applied through bank executive and loan disbursement done with in a week. Processing fee is around Rs.12,000. I am not aware of the part-payments method.
      Was this review helpful? 3
      , guntur
      Reviewed on Nov 03, 2019
    • Indiabulls Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      My home loan is ongoing with Indiabulls since 5years back, it was taken. The rates are okay without any issues. The customer service is good. The loan tenure is 20years and the processing fee is included. I have purchased a Flat and the process was simple. Their executive helped me well.
      Was this review helpful? 2
      , visakhapatnam
      Reviewed on Nov 03, 2019
    • HDFC Limited Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied for the HDFC limited home loan through bank executive and the loan got disbursed with in one week. The required document are more. The approved loan amount is 17 lakhs for 25 years of tenure with rate of interest. of 8.90%. Processing fee is Rs.7000.
      Was this review helpful? 2
      , pune
      Reviewed on Oct 31, 2019
    • HDFC Limited Home Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      I applied for the HDFC Limited home loan before 4 years with the floating Interest rate of 8.65%, now the interest rate is 9.25%. The approved loan amount is 39 lakhs for 15 years of tenure. In between I have paid 3 part payment with out any charges. once payment done we can increase and reduce both EMI and tenure at the same time. The processing is zero but debited Rs.10,000 from loan amount. In last EMI would be reduced calculating the debited amount. The online transaction cannot be done for part payment, I have to go to bank directly to pay the amount.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 30, 2019
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