2 Replies to “If i have taken a home loan of 16 Lakhs then after one year how ?”

  1. Your loan repayment will depend on the Loan Repayment Schedule given by the Bank that has lent u the amount.
    Nationalised Banks in India do not charge Pre-Payment Penalty. However most Private Banks charge them. Hence if u have availed a loan from a private bank, your lumpsum repayment (8 lakhs at a time) will attract an addition charge by way of Pre-Payment Penalty.

    The maximum principal loan repyt within one year will be the Amount of Monthly Repayment of Principal (as stated by the bank) multiplied by the 12 months.

    Check with the banks loan repayment schedule, interest charges and pre-payment penalty. Based on all these, still if u find pre-payment is a good option, go in for it.

  2. to my knowledge HDFC is permitting about 25% of the outstanding principal in a year without prepayment penalty.

    if you pay more than 25% also they will accept with a prepayment penalty.

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