• ₹1L
  • ₹10Cr
  • 12 month
  • 180 months
%
  • 1%
  • 21%
  • ₹1L
  • ₹1 Cr
  • ₹1L
  • ₹1 Cr
  • ₹1L
  • ₹1 Cr

Your current EMI

₹34,951*

EMI reduced by

₹8,459

Your new EMI

₹26,492

Tenure reduced by

0

Your new tenure

30

Your savings on interest is ₹13,432

Enter a valid input

Disclaimer: Minimum and Maximum part payment allowed is as per the bank's policy.
Your reduced EMI may change subject to changes in the repo rate linked interest rate of your loan.

Disclaimer: Minimum and Maximum part payment allowed is as per the bank's policy.
Your reduced tenure may change subject to changes in the repo rate linked interest rate of your loan.

Disclaimer: Minimum and Maximum part payment allowed is as per the bank's policy.
Your reduced EMI may change subject to changes in the repo rate linked interest rate of your loan.

Disclaimer: Minimum and Maximum part payment allowed is as per the bank's policy.
Your reduced tenure may change subject to changes in the repo rate linked interest rate of your loan.

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.

Year
Opening Balance
Yearly Interest
Yearly Principal
Outstanding Balance

Eligibility for Home Loan Prepayment

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Verify your loan provider’s
policies regarding prepayment

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Review prepayment clause in your
home loan agreement in case of restrictions or penalties

any-substantial-penalties.svg

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

Age

Age

Your age plays a significant role here. If you're approaching retirement, it's advisable to prepay your home loan before you retire.

240
Future cash requirements

Future cash requirements

Future cash requirements are another major aspect. Prepaying a home loan involves a substantial sum, potentially depleting your savings.

240
Tax savings

Tax savings

You should also factor in the tax savings associated with home loan repayment. Prepaying your home loan can impact your income tax benefits.

240
Savings from prepayment

Savings from prepayment 

Savings from prepayment can be quite significant. It's wise to prepay your home loan when the savings on interest outgo are substantial.

240
Investment opportunities

Investment opportunities

Compare the savings achieved through home loan prepayment with the potential returns from alternative investment opportunities.

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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.

How much prepayment is allowed in a home loan?

The maximum prepayment amount allowed on a home loan depends on the lender's terms and conditions. Borrowers should check their loan agreement for specific details on prepayment limits.

How many times can prepayment be done for a monthly home loan?

The frequency of prepayments allowed in a month can depend on your lender. Borrowers should review their loan agreement to determine the maximum prepayments permitted.

Does home loan prepayment reduce EMI?

Home loan prepayment reduces the outstanding principal amount. While it doesn't directly impact the EMI amount, it can decrease overall loan tenure, potentially resulting in a lower total interest payout.

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