Prepay Advantage Of Home Loans By Only 1EMI


1 EMI ज्यादा भरने से क्या फायदा होगा आप कि होम लोन में

Impact on your Loan Tenure and EMI amount
when you make extra payment in Loan Account

Home Loan EMI Prepavment |How to Save Intrest By paying 1 EMI extra in year


If one can pay more than 12 EMI, the extra paid amount will be considered as prepayment and adjusted in your outstanding balance. Now, the new EMI will be calculated using the new remaining balance.

To understand this, let's use Home Loan EMI calculator and prepayment calculator. Furthermore,
let's assume RAM (our imaginary friend) takes a Home Loan of Rs 20 lakh at an interest rate of Rs 10% p.a and decides to repay the amount in 10 years (120 months).

Now, the total amount RAM will be paying after 10 years is ₹31,71,618 and the monthly EMI calculates to ₹26,430. Now, let's say aman decides to use his annual savings of Rs 10 lakh to part-prepay his Home Loan.
Owing to his decision, after completing the part-prepayment process, the outstanding balance of Ram's Home Loan is ₹21,71,618. So, aman will be paying only ₹21,71,618 and the new monthly EMI will be ₹13,215 for the entire repayment tenor of 10 years. If he decides to pay the old EMI every month, the repayment tenor will reduce to 46 months.
Now, let us see how he benefited from the part-prepayment.

Case 1: If he continued paying the EMI's regularly without prepaying with Rs 10 lakh, the interest he would have paid after 10 years is ₹11,71,618. The total payable amount being ₹31,71,618.

Case 2: Considering the second case where he part-prepays using his annual savings, he will pay ₹5,85,809 as interest towards his loan. The total payable after 10 years is ₹15,85,809.
Calculating the difference in payable interest in Case 1 and Case 2, Ram is saving ₹ 5,85,809. That's quite huge for savings.


In case you have any doubts, you can use Home Loan part-prepayment calculator and EMI calculator.

Home Loan Prepayment from 1st EMI
Home loan


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