Can I pay the home loan early?
Yes, you can pay your home loan early, and doing so can significantly reduce the total interest outflow on your loan. Early repayment, whether through prepayment or foreclosure, is a financially smart move if managed properly.
To assess the actual benefits of early repayment, it's advisable to use tools like a home loan interest rate EMI calculator or a house loan EMI calculator India. These tools help you simulate various scenarios, allowing you to understand how different prepayment amounts or tenure reductions impact your EMI (Equated Monthly Instalment) and overall interest liability.
For instance, by using a home loan interest EMI calculator, you can input your principal amount, current interest rate, and tenure to see how much interest you