The Housing Loan EMI Calculator works on three main criteria – The loan amount availed, tenure of the loan and home loan rate of interest being charged by the lender.
Part payment brings down the principal amount which in turn lowers your EMIs and the interest that you have to pay.
You can claim tax deductions under Section 80C up to Rs.1.5 lakhs on the principal amount repaid through your EMIs annually. You can also get tax deductions under Section 24 up to Rs. 2 lakhs on the interest component of the loan that you repay annually through your EMIs."
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