Irrespective of the repayment option one chooses, priority should be given to clear off this debt as soon as possible. To facilitate this process, individuals need to make prepayment whenever possible. In this regard, borrowers can also use a home loan prepayment calculator that helps in estimating the reduced EMI every time they opt for this facility.
This, too, works almost the same as a home loan EMI calculator. Following are steps to use prepayment calculator online.
Step 1: Visit the official site of your preferred lender and navigate to prepayment calculator page.
Step 2: You need to enter details like loan amount, tenor and interest rate.
Step 3: Now enter the amount you want to prepay. Remember, you have to pay the minimum amount predefined by a lender.
On entering the details, the calculator will show the revised EMI payable within seconds.
Along with that, individuals also get to know the savings on EMI, tenor saved and EMI savings in percentage. Borrowers can adjust the prepayment amount to see how much they can save. They should also consider the prepayment charges, if any.
Almost all HFCs offer this tool, enabling easier repayment of a home loan. However, before applying for this credit, individuals can also use an eligibility calculator for home loan to determine the maximum principal amount they are liable to acquire, according to their income and other parameters.
With access to a home loan prepayment calculator, individuals can manage their loan efficiently, facilitating faster repayment.
