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How to Handle Home Loan - Part Re-Payment

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How to Handle Home Loan - Part Re-Payment

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  1. Emi Calculator Home Loan

  2. How to Handle Home Loan - Part Re-Payment

  3. Part Re-Payment on Home Loans - Isn’t this something we all intend on doing right from day one when the Home Loan is even applied? We tell ourselves, if I get a bonus from my employer, I will use it to part repay my Home Loan. • That is a Novel Idea. But, have you given a thought on how you want to proceed with it? • Let us say your Emi Calculator Home Loan • is worth Rs. 50 lakhs and you have a surplus of Rs. 5 lakhs with you right now and plan on using it to part repay your loan. • The Bank will give you two options now

  4. Positives about option 1 - Reduce the Monthly EMI • 1. The Burden on your Monthly Budget will be lower • 2. You will have more surplus cash every month to utilize for other expenses • Positives about option 2 - Reduce the Loan Tenure • 1. The Loan will be repaid well in advance • 2. The Interest you Repay the Bank will be Much Lower • Which one would you choose? I would choose "Option 2". In fact, even the bank will suggest the same. Are you surprised???

  5. From the Customer's Perspective - Below is how reducing the Tenure will be useful. • Let’s say you have taken a 20 year Tenure Home Loan for Rs. 50 Lakhs where you’re EMI works out to approx. Rs. 50,000 per month. • EMI per Month = Rs. 50,000/- Repayment Per Year = Rs. 6,00,000/- (6 Lakhs) • Repayment Over 20 years = Rs. 1,20,00,000/- (1.2 Crores) • [Source: http://anandvijayakumar.blogspot.in/2012/05/how-to-handle-home-loan-part-re-payment.html]

  6. Click to know more on Emi Calculator Home Loan: https://www.hdfc.com/emi-calculator Thank You…

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