Want us to help you with anything?
Request a Call back
- ₹1L
- ₹10Cr
- 12 month
- 180 months
- 1%
- 21%
- ₹1L
- ₹1 Cr
Your current EMI
₹34,951*
EMI reduced by
₹8,459
Your new EMI
₹26,492
Your savings on interest is ₹13,432
Home Loan Amortization Schedule
Below Home Loan Amortization table illustrating how much goes towards principal and interest over time. The below table is based on the above calculator’s inputs.
Eligibility for Home Loan Prepayment
Verify your loan provider’s
policies regarding prepayment
Review prepayment clause in your
home loan agreement in case of restrictions or penalties
Ensure that your lender provides an option for
prepayment without imposing any substantial penalties.
Home Loan Prepayment Charges
ICICI Bank is committed to providing you with the best home loans, offering a range of options that cater to your needs. Whether you prefer adjustable, fixed, or floating-rate loans, we ensure competitive interest rates and various convenient features. Our flexible repayment options allow you to customise your repayment schedule, which can significantly reduce the overall interest burden.
Things to Consider Before Making Home Loan Prepayment
Your age plays a significant role here. If you're approaching retirement, it's advisable to prepay your home loan before you retire.
Future cash requirements are another major aspect. Prepaying a home loan involves a substantial sum, potentially depleting your savings.
You should also factor in the tax savings associated with home loan repayment. Prepaying your home loan can impact your income tax benefits.
Savings from prepayment can be quite significant. It's wise to prepay your home loan when the savings on interest outgo are substantial.
Compare the savings achieved through home loan prepayment with the potential returns from alternative investment opportunities.
Home Loan Part-Prepayment FAQs
What is Home Loan Prepayment?
Home loan prepayment refers to repaying a portion of the outstanding home loan amount before its scheduled tenure. It can help borrowers reduce their overall interest burden and expedite the loan closure.
Is prepayment suitable for a home loan?
Home loan prepayment can help borrowers save on interest costs and free themselves of debt earlier. However, it's essential to consider factors like prepayment charges and individual financial situation before deciding.
How does a Home Loan Prepayment Calculator work?
A Home Loan Prepayment Calculator helps borrowers estimate the potential savings and reduced loan tenure by making additional payments towards their home loan. Borrowers can assess the financial benefits by entering details like the prepayment amount and frequency.
Home Loan Blogs
Understand the Home Loan Sanction Process
Share
20 Lakh Home Loan
Share
Loan Against Property for Pensioners: Features and Benefits
Share
Apply for Home loan
at your convenience
- Mobile Banking
- Net Banking
- WhatsApp Banking
Download
iMobile App
Click to Enlarge
Download
Pocket
Click to Enlarge
Apply for Home loan
at your convenience
Mobile Banking | Net Banking
WhatsApp Banking
