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And, a tool like Interest paid by the borrower is the profit for the banks.
The earlier we start home-loan-prepayment the better. This is why in initial years, majority of our EMI is consumed to pay interest.
Suppose one took a home loan of Rs 30 Lakhs @ 10.5% for 20 years. Low principal payment means higher loan outstanding balance.
Ever since then this one blog post has helped many readers to understand the concept and necessity of loan prepayment.
So the idea is to strive to become debt free in life as early as possible.
It is in our benefit that we shall find ways to reduce OUR interest burden. We are providing here an EMI calculator with home loan prepayment functionality enabled. But this is not all, you get something more valuable in this blog post.
This blog not only offers a good home loan prepayment calculator, but it also provides a researched, in depth write up.When we developed this prepayment calculator in year 2013, only a handful websites used to offer prepayment calculator online.But now, almost all banks offer loan calculators with a prepayment option.Rs.40,000, Imagine what will be the saving if loan amount is Rs.50 lakhs?Purpose of home loan prepayment is to save the interest component. Hence loan prepayments made in initial months saves the most amount of money. Lets visualize how interest & principal component of loan varies with time. Principal maximum means chargeable interest will be maximum. I dreamt of this phase of life and it has finally come true. It will like an overstatement to say that my home loan prepayment calculator made it possible.