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  • ₹1L
  • ₹10Cr
  • 12 month
  • 180 months
%
  • 1%
  • 21%
  • ₹1L
  • ₹1 Cr
  • ₹1L
  • ₹1 Cr
  • ₹1L
  • ₹1 Cr

Your current EMI

₹34,951*

EMI reduced by

₹8,459

Your new EMI

₹26,492

Tenure reduced by

0

Your new tenure

30

Your savings on interest is ₹13,432

Enter a valid input

Disclaimer: Minimum and Maximum part payment allowed is as per the bank's policy.
Your reduced EMI may change subject to changes in the repo rate linked interest rate of your loan.

Disclaimer: Minimum and Maximum part payment allowed is as per the bank's policy.
Your reduced tenure may change subject to changes in the repo rate linked interest rate of your loan.

Disclaimer: Minimum and Maximum part payment allowed is as per the bank's policy.
Your reduced EMI may change subject to changes in the repo rate linked interest rate of your loan.

Disclaimer: Minimum and Maximum part payment allowed is as per the bank's policy.
Your reduced tenure may change subject to changes in the repo rate linked interest rate of your loan.

Home Loan Amortization Schedule

Below Home Loan Amortization table illustrating how much goes towards principal and interest over time. The below table is based on the above calculator’s inputs.

Year
Opening Balance
Yearly Interest
Yearly Principal
Outstanding Balance

Home Loan Prepayment Calculator

A Home Loan Prepayment Calculator helps understand the potential savings from making extra payments on your home loan. By entering details such as your outstanding loan amount, interest rate, and how often you plan to make prepayments, you can see how these payments affect your loan tenure and save on interest. This calculator helps you decide whether to prepay your loan based on your available funds and financial goals. Ultimately, it empowers you to manage your home loan effectively and reduce interest expenses.

How to Use Home Loan Prepayment Calculator?

Below are the steps to use calculator for home loan part payments:

  • Enter the outstanding loan amount.
  • Select the current interest rate.
  • Enter the remaining tenure of the loan.
  • Choose the frequency of prepayments (monthly, quarterly, annually).
  • Provide the additional amount for each prepayment.
  • Click on the calculate button. Review the calculated results, including the new loan tenure and interest savings.
  • Use the information to make informed decisions regarding prepaying the home loan and reducing interest expenses.

Eligibility for Home Loan Prepayment

policies regarding prepayment

Verify your loan provider’s
policies regarding prepayment

home loan agreement

Review prepayment clause in your
home loan agreement in case of restrictions or penalties

prepayment without imposing

Ensure that your lender provides an option for
prepayment without imposing any substantial penalties.

Home Loan Prepayment Charges

ICICI Bank is committed to providing you with the best home loans, offering a range of options that cater to your needs. Whether you prefer adjustable, fixed, or floating-rate loans, we ensure competitive interest rates and various convenient features. Our flexible repayment options allow you to customise your repayment schedule, which can significantly reduce the overall interest burden.

Things to Consider Before Making Home Loan Prepayment

Age

Age

Your age plays a significant role here. If you're approaching retirement, it's advisable to prepay your home loan before you retire.

240
Future cash requirements

Future cash requirements

Future cash requirements are another major aspect. Prepaying a home loan involves a substantial sum, potentially depleting your savings.

240
Tax savings

Tax savings

You should also factor in the tax savings associated with home loan repayment. Prepaying your home loan can impact your income tax benefits.

240
Savings from prepayment

Savings from prepayment 

Savings from prepayment can be quite significant. It's wise to prepay your home loan when the savings on interest outgo are substantial.

240
Investment opportunities

Investment opportunities

Compare the savings achieved through home loan prepayment with the potential returns from alternative investment opportunities.

240

Home Loan Part-Prepayment FAQs

What is Home Loan Prepayment?

Home loan prepayment refers to repaying a portion of the outstanding home loan amount before its scheduled tenure. It can help borrowers reduce their overall interest burden and expedite the loan closure.

Is prepayment suitable for a home loan?

Home loan prepayment can help borrowers save on interest costs and free themselves of debt earlier. However, it's essential to consider factors like prepayment charges and individual financial situation before deciding.

How does a Home Loan Prepayment Calculator work?

A Home Loan Prepayment Calculator helps borrowers estimate the potential savings and reduced loan tenure by making additional payments towards their home loan. Borrowers can assess the financial benefits by entering details like the prepayment amount and frequency.

How much prepayment is allowed in a home loan?

The maximum prepayment amount allowed on a home loan depends on the lender's terms and conditions. Borrowers should check their loan agreement for specific details on prepayment limits.

How many times can prepayment be done for a monthly home loan?

The frequency of prepayments allowed in a month can depend on your lender. Borrowers should review their loan agreement to determine the maximum prepayments permitted.

Does home loan prepayment reduce EMI?

Home loan prepayment reduces the outstanding principal amount. While it doesn't directly impact the EMI amount, it can decrease overall loan tenure, potentially resulting in a lower total interest payout.

Is prepayment good for a Home Loan?

Yes, prepayment can be a good option for a Home Loan. By paying extra towards your Loan, you reduce the outstanding Loan amount, thereby lowering the overall interest you pay. Use a Home Loan Prepayment Calculator to estimate your savings. Prepayment helps repay your Loan faster, reduces Home Loan interest rate burden and can lead to significant long-term savings.

How to calculate reduced EMI after prepayment!

Use a Home Loan Calculator to calculate the reduced EMI after prepayment. To use this tool, enter your Loan details including the prepayment amount. The calculator will display your new EMI based on the reduced principal. Many online Home Loan prepayment calculators provide a clear breakdown of the new repayment schedule that helps assess the impact of prepayment on the Loan's interest and tenure.

Is there a prepayment penalty on Home Loans?

ICICI Bank offers prepayment with a penalty of 2% on the prepaid amount. Please note that this is applicable for a fixed rate of interest for one year from the date of final repayment. We recommend that you get in touch with our team for details. 

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