Bajaj Finserv Home Loan

Home Loan Part Prepayment Calculator

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Loan amountINR
TenorMonths
Rate of interestPercent
The prepayment amount needs to be a minimum of 3 times your EMI amount
Prepayment Amount INR

Your EMI will be Rs. 1,00,083 per month

 

Revised EMI

Rs. 10,15,990

Savings in EMI

Rs. 50,51,552

EMI Saved

25%

Tenor Saved

12

Home Loan Part Prepayment – FAQs

What Is Home Loan Part Prepayment?

Prepayment refers to the early repayment of a loan. It is an installment payment before its due date and usually a lumpsum amount. The minimum sum required to initiate the prepayment of your home loan with Bajaj Finserv is the equivalent of three of your EMIs. Since you pay a part of your dues before times, a prepayment can result in a reduced tenor or a reduction in your EMI amount.

What is a home loan part pre-payment calculator?

Part pre-payment calculator is a calculator that shows the positive impact of early repayment of your loan.

How to use the home loan prepayment calculator?

All you need to do is simply enter your loan details and then enter the amount you wish to pre-pay. Do keep in mind that this amount will have to be minimum three times the calculated EMI.

You can move the sliders to your left or right to adjust the values or you can directly type the values for the following:
1.The loan amount
2.Tenor (In months)
3.Rate Of interest
4.The part pre-payment amount that you wish to pay After you enter these details, click on “Done”. You will be able to see two options.

After you enter these details, click “Done”. You will be able to see two options:
1. EMI saved: This table shows the reduction in your EMI and monthly savings in EMI post part pre-payment
2. Tenor saved: This table shows the reduction in your tenor post part pre-payment.

What are the Benefits of Prepayment in Home Loan?

Home loan prepayment comes with several benefits, such as reduced outstanding, reduced tenor, and smaller EMIs. In the long run, prepayments help you become debt-free earlier, which ultimately impacts your CIBIL score positively.

Does Prepayment Reduce EMI?

When you prepay a part of your Home Loan, you have two options. You can either have your lender shorten the tenor, in which case you roughly pay the same amount as EMI, or you can continue with the same tenor, in which case your EMIs reduce.

Is There a Prepayment Penalty on Home Loans?

It depends on the type of home loan interest rate. For example, Individuals with a floating interest rate home loan pay no extra charges on prepayment or foreclosure. On the other hand, fixed interest rate home loans attract a nominal fee on prepayment or foreclosure.

Congratulations! You have a home loan balance transfer offer.

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