Home Loan Pre-Payment Calculator

Use our easy-to-access EMI calculators to help you plan for your dream faster and more efficiently. Please select the loan type that you require and get your estimated costing right now!

My Outstanding Loan amount is

INR

0Cr1002003Cr

My current interest rate is

66.577.588.59

My Outstanding Loan tenure is

3672108144180216240

36912151820

Amount that you want to pre-pay

INR

0Cr1002003Cr

Do you want to decrease EMI or Keep EMI same & decrease loan tenure?

Decrease EMI Keep EMI same & Decrease loan tenure

Number of months you will close your loan early

Months

Current Tenure:

240 Tenure

Revised Tenure:

196 Tenure

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How Does the Home Loan Part Payment Calculator Work?

The Home Loan Part Payment Calculator helps borrowers determine the residual amount on their outstanding loan after making a part payment. By entering details like the part payment amount, tenure, home loan interest rate, and outstanding amount, customers can view either the revised EMI for the existing tenure or revised tenure if EMI is same. This allows borrowers to understand the impact of their part payment on loan.

What are the Benefits of the Home Loan Pre-Payment Calculator?

The Home Loan Pre-payment Calculator offers several benefits to borrowers, including a reduced loan tenure or smaller EMIs on the outstanding loan amount. These factors contribute to faster debt repayment and have a positive impact on the borrower's CIBIL score. By using this calculator, customers can make informed decisions to accelerate their journey towards becoming debt-free.

Frequently Asked Questions

Are there any limitations or factors to consider when using a loan pre-payment calculator?

When considering home loan pre-payment, factors like age and future cash flows should be considered.

Borrowers in early or near retirement age can opt for pre-payment due to stable income or no obligations. Additionally, assessing financial circumstances and ensuring sufficient income to manage expenses is crucial. Being aware of tax benefits and implications on the home loan is also important before making a pre-payment decision.

How does making a pre-payment on a home loan reduce the overall interest cost?

As your income increases during the loan tenure, consider increasing the existing EMI or reducing the loan tenure.

Both options result in faster loan repayment and savings on overall interest. The pre-payment amount is adjusted from the principal outstanding, reducing the interest component of the loan.

Can I make multiple pre-payments on my home loan, and how does it affect the tenor?

Yes, one can make multiple pre-payments on his/her home loan account. Although, borrower should check pre-payment clause in the home loan agreement and charges mentioned on Kotak website.