Home Loan Part Payment - REDUCE TENURE NOT EMI [Excel Calculator]

Описание: Home Loan Part Payment - REDUCE TENURE NOT EMI [Excel Calculator]
In this video by FinCalC TV we will see what is home loan part payment or prepayment in hindi. We will also check examples of home loan part payment along with reducing tenure or EMI. It is best to reduce tenure since this will save you more interest amount compared to reducing EMI and keeping the tenure same.

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Home Loan Part Payment Calculator in Excel helps you to plan your home loan repayments to close your loan before time and save interest amount to be paid on the home loan taken by you.

While making home loan part payment, you have 2 options – either to reduce EMI or tenure. It is best to reduce the tenure since you will be paying less interest amount compared to going with reducing of EMI. We will check this with help of examples below. Also it is important to note that the interest component in EMI is high at the initial stages of home loan. So it is best to make home loan part payment or prepayment at the initial stages of the loan (within 2-4 years after starting home loan EMI).

Home Loan EMI components
When you apply for home loan to buy a new house or buying a resale property your EMI is calculated using this Home Loan EMI Calculator
In this Home Loan EMI, there are two components – Principal Amount and Interest Amount
Principal amount is the amount that you have taken as home loan and have to pay back to the bank or financial institution from where you have taken loan
Interest amount is the interest you have to pay every month based on the home loan interest rate, which becomes the profit of the bank
This interest amount is high initially due to your loan balance being high at the initial stages of the loan repayment tenure
The interest amount decreases with the decrease in the remaining balance of your loan amount. In this way, maximum interest amount is taken by you - during the initial stages of your loan repayment tenure
The principal amount component is low during the start and increases with time as you pay your home loan EMI
Hence you can make part payment during the initial stages of your home loan to save maximum interest amounts

How to save Home loan interest component
You can save home loan interest amount by making part payments.

Home loan part payment or prepayment is the process of depositing amount against your existing loan balance, which will reduce the balance based on your deposit amount and thus help you to save the interest component in your upcoming home loan EMIs.

As mentioned previously, part payments or prepayments can be made during the initial stages of the home loan to save more interest amounts.

While making part payments, you have the option to reduce EMI or tenure.

#HomeLoan #PartPayment #LoanTenure #fincalc

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
I Am Not A SEBI Registered Adviser. All The Information Provided By Me Are For Educational/Informational Purposes Only. We Do Not Take Any Responsibility For The Accuracy Of The Data But As It May Contain Typographic Or Other Errors And Inaccuracies And We Expressly Disclaim Liability For Any Errors On The YouTube Channel (FinCalC TV). Please consult your Financial Advisor before taking any decision or action in terms of your Finances.