Loan Prepayment: 40 Lakh Loan, Prepayment Late in the Tenure
A 2 lakh prepayment applied late, at month 150 of a 40 lakh, 180-month loan: shows why prepaying early saves more than prepaying late.
A one-time prepayment of ₹2,00,000 on a ₹40,00,000 loan at 9% p.a. saves ₹45,547 in interest. Your loan closes in 14 years 6 months instead of 15 years, saving ₹45,547 in interest.
- Outstanding loan amount
- ₹40,00,000
- Remaining tenure
- 15 years
- Interest rate
- 9% p.a.
- Prepayment
- ₹2,00,000
Interest saved
Reduce tenure₹45,
Your loan closes in 14 years 6 months instead of 15 years, saving ₹45,547 in interest.
Original EMI
₹40,
EMI stays the same
₹40,
Loan closes in
14 years 6 months
Total interest with prepayment
₹32.57 Lakhs
₹32,57,172
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Interest saved compares total interest paid over the life of the loan, with and without the prepayment. Floating-rate home loans carry no prepayment penalty under RBI rules; fixed-rate, personal, and some NBFC loans may still charge one.