Mortgage Details
Enter your current home loan information
Tips to Pay Off Your Home Loan Faster
Make Part-Prepayments
In India, most banks allow part-prepayments without penalty. Use bonuses or savings to reduce principal.
Increase EMI Gradually
Ask your bank for EMI step-up options. As your salary grows, increase your EMI proportionally.
Refinance at Lower Rates
Monitor interest rates. Indian banks often offer better rates to existing customers to prevent switching.
Enter Your Home Loan Details
Fill in your loan information to see how extra payments can help you pay off your mortgage faster
Frequently Asked Questions
In India, most banks allow partial prepayments without penalty on floating rate loans. The prepayment amount is deducted from your principal, reducing future interest. Some banks may charge 1-2% penalty on fixed rate loans or if you prepay more than 25% of outstanding in a year.
For maximum savings, choose to reduce tenure rather than EMI. This applies the extra amount directly to principal, saving more interest over time. Some Indian banks like SBI, HDFC offer this option in their online banking portals.
In India, you can claim tax deductions under:
- Section 24(b): ₹2 lakh on interest payments
- Section 80C: ₹1.5 lakh on principal repayment
- Section 80EE: Additional ₹50,000 for first-time buyers