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neha chavan
Welcome!
neha chavan
By using a Home Loan Part Payment Calculator, you can clearly understand how part payments reduce your interest rate liability or shorten your loan tenure. Whether you're planning your next prepayment or simply assessing options, this calculator helps you make informed decisions.
Calculate how much you should prepay
Preferred loan amount
Interest rate (per annum)
Loan tenure (months)
Estimated EMI
per monthInterest payable
₹52,41, 690A home loan part payment calculator is an online financial tool that helps you estimate how a lump sum payment can affect your existing home loan. A part payment is an amount paid towards the outstanding principal in addition to your scheduled EMIs.
When you make a part payment, your outstanding principal reduces. Since future interest is generally calculated on the outstanding principal, reducing it can lower the overall interest payable over the remaining tenure.
The calculator allows you to understand the potential impact before making a payment. Depending on the option selected, you can estimate a lower EMI, a shorter tenure, and the potential interest savings.
A home loan part payment is made over and above your regular EMI. For example, if you receive a bonus or have surplus savings, you may use a portion of it to reduce your outstanding home loan principal, subject to the terms and conditions of your loan.
Once the payment is adjusted against the principal, your repayment structure may change. You can generally choose between reducing your monthly EMI or retaining the EMI and shortening the remaining tenure, depending on your lender's applicable terms.
Making a payment earlier in the loan tenure can potentially result in greater interest savings because it reduces the principal on which interest would otherwise accrue over a longer period.
Using a home loan part payment EMI calculator can help you assess different repayment scenarios without performing complex calculations manually.
Follow these steps:
1. Enter your loan details: Provide the relevant loan amount, applicable interest rate, and remaining tenure.
2. Enter the part payment amount: Add the lump sum amount you are considering paying towards the outstanding loan.
3. Review the revised repayment: Check how the payment may affect your EMI, remaining tenure, and total interest payable.
4. Compare the options: Consider whether reducing the EMI or shortening the tenure better suits your financial goals.
5. Plan your payment: Use the estimated figures to decide an appropriate part payment amount based on your available funds.
The results generated by an online calculator are indicative. Your actual repayment schedule may vary depending on the loan terms, applicable interest rate, payment date, and other factors.
The impact of a part payment depends mainly on your outstanding principal, applicable interest rate, remaining tenure, and the amount you pay.
For example, suppose you have an outstanding home loan of ₹30 lakh and decide to make a part payment of ₹3 lakh. If the payment is adjusted towards the principal, the outstanding balance may reduce to ₹27 lakh, subject to the applicable loan terms and adjustments.
The reduced principal can lower the interest payable over the remaining tenure. You can use the calculator to understand whether retaining your existing EMI could shorten the tenure or whether reducing the EMI would provide greater monthly cash-flow flexibility.
There are several home loan part payment benefits to consider:
A part payment reduces the outstanding principal on which future interest is calculated. This can reduce the overall interest outgo during the remaining loan period.
If you continue paying the same EMI after reducing the principal, you may be able to shorten the remaining tenure, depending on your lender's terms.
If you choose to revise your EMI after making a part payment, your monthly repayment obligation may decrease. This can provide additional flexibility in your monthly budget.
Reducing your outstanding home loan balance can help you manage your long-term debt more effectively and work towards becoming debt-free sooner.
A calculator allows you to compare different part payment amounts and repayment options before committing your surplus funds.
A part payment can affect your EMI or loan tenure depending on the repayment option you select.
If you reduce your EMI, your monthly repayment may become lower while the remaining tenure can stay similar, subject to the revised repayment schedule.
If you reduce your tenure, you may continue paying the same or similar EMI while clearing the outstanding loan earlier. This approach can potentially result in greater interest savings because the loan remains outstanding for a shorter period.
Use the calculator to compare both scenarios and choose the option that fits your financial priorities and repayment capacity.
| Factor | Home Loan Part Payment | Full Prepayment |
|---|---|---|
| Amount paid | A portion of the outstanding principal | The entire outstanding loan amount |
| Loan status | Loan continues after payment | Loan is closed after settlement |
| EMI | May be reduced or retained | Ends after loan closure |
| Tenure | May be reduced | Ends completely |
| Purpose | Reduce interest or repayment burden while retaining the loan | Become debt-free by closing the loan |
The suitable option depends on your available funds, financial goals, and loan terms.
Before making a part payment, consider the following:
L&T Finance is one of India’s top rated financial institutions, offering reliable Home Loan solutions with competitive terms. Here’s why it’s a preferred choice:
Apply for Home Loan with these steps
1. Submit Personal and Income Details
Get your eligibility assessed in just 5 minutes* with your personal and income details
2. Provide Property details
Submit your property details in order to get the digitised sanction on your Home Loan without any delay
3. Get your final offer
Receive your sanction letter which includes the interest rate, tenure and your loan amount details
4. Finish Your eKYC Process
Complete your electronic Know Your Customer (eKYC) verification by providing necessary documents
5. Authorise Your Mandate and Get Your Loan Approved
Complete the eMandate process to secure official approval for your loan and proceed with disbursement
Home loan part payment charges depend on the type of interest rate, loan terms, applicable regulations, and the lender's policy.
For eligible floating-rate Home Loans, L&T Finance offers part payment with zero fees. For fixed-rate loans, applicable charges may apply based on the applicable terms. Current charges should always be checked before making a payment, as they may vary depending on the loan and prevailing regulations.
Understanding the applicable charges helps you assess whether the expected interest savings make the part payment financially suitable.
Planning your home loan repayment can become easier when you compare different scenarios before making a financial decision. Explore our Home Loan EMI Calculator, Home Loan Prepayment Calculator, Home Loan Amortisation Calculator, and other repayment planning tools to understand your potential EMI, interest outgo, and repayment schedule.
You can also use the L&T Finance Planet App to manage your loan-related needs digitally, including convenient access to repayment and account services.
