How do prepayments affect my loan and EMI?
When you take a home loan, your EMI (Equated Monthly Installment) is calculated based on the loan amount, interest rate, and tenure. But did you know that making prepayments—paying extra towards your loan over and above your EMI—can significantly reduce both your interest burden and the loan tenure?
Let’s understand how prepayments impact your home loan using tools like a home loan interest rate EMI calculator, a house loan EMI calculator India, or a home loan interest EMI calculator.
when making the payment. Using a home loan interest rate EMI calculator, you can instantly see how a lump sum payment affects your monthly installment or overall tenure. Most borrowers prefer reducing the tenure because this leads to substantial savings on i