Faqs - L&T Finance

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What is a Home Loan Part Payment Calculator?

A Home Loan Part Payment Calculator is an online tool that shows how a lump sum payment impacts your outstanding Home Loan. It helps you assess how part payments can reduce your EMI, tenure, or total interest paid.

How can I benefit from making part payments on my Home Loan?

Part payments reduce your principal amount, leading to either lower EMIs or shorter tenure. This significantly reduces your total interest burden and helps you pay off the loan faster.

Does part payment reduce my EMI or loan tenure?

You can choose. Either reduce your EMI amount to make monthly payments easier or shorten the loan tenure to become debt-free sooner. Both options save interest.

Can I make multiple part payments on my Home Loan?

Yes. L&T Finance allows multiple part payments.

Is there a limit on how much I can pay as part payment?

No, there is no limit on how much you can pay as part payment.

How do part payments affect the total interest paid on my Home Loan?

Part payments reduce the principal balance, which lowers your total interest. The earlier you make these payments, the more you save over the course of your loan.

Will my EMI change if I make part payments on my Home Loan?

Yes, if you choose to reduce EMI. Alternatively, you can opt to keep the EMI the same and reduce the tenure. The Home Loan Part Payment Calculator helps you see both scenarios.

Do I need to pay any fees for making part payments on my Home Loan?

L&T Finance offers part payment with zero fees on floating rate Home Loans. For fixed rate loans, charges of up to 3% within 1 year apply, and up to 2% after 1 year, plus taxes apply.

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