October 5, 2011 10:14 am
I have 15L home loan taken for 10 yr period with approximately 20K EMI. I have 5L in hand and would like to know if there is any benefit if I prepay the loan in first year of loan tenure or 2nd year?.
Dear Vinayak, For the given situation, your loan term ‘ll come down from original 120 months to 67 months. As you have already paid 2 EMIs, your remaining term ‘ll be 65 months, after prepayment of 5L Rs. in your home loan.
Vinayak – If you are have MS excel then you can use this template
Use the calculators at bankbazaar.com
Thank You Manish & Anand for your Valuable suggestions.
This is a very good article to explain how Loan Amortization.
Is there any calculation (or Calculator) to explain by how much loan term come down if I prepay 5 Lakhs? I only paid 2 EMI’s as of now.
You can use the same calculator for that .. after prepayment the loan outstanding will come down by 5 lacs , so just punch in the new numbers and see the new EMI
It would be good if you can prepay your loan by 5 lac .. your tenure of loan will drastically come down , read more on https://www.jagoinvestor.com/2011/04/loan-amortization-emi.html
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