Curious About Home Loans? Tips on Managing EMIs and Closing Your Loan Faster

Hi, I wanted to know more about the Home Loan Process and receive an Excel sheet on how to calculate the Home Loan with the following points:

1. Monthly EMIs
If I increase or decrease them, how soon can I close the loan with the interest amount?

2. Partial Payments
If I make partial payments, how many times can I do so?

3. Advice on Closing the Loan Faster
What is the best advice on how to close the loan faster?

For a loan amount of 50 L.

Regards,
Reddy

Hi, Not sure whether you have already availed the home loan or are planning to apply. If your loan tenure is longer, the monthly EMI outgo will be less. If the tenure of the loan is shorter, the EMI will be higher.

To close the home loan faster
You need to pay additional money on a monthly basis apart from the regular EMI. When you opt for a longer tenure home loan, you will end up paying more interest. During the initial period, the interest amount will be higher, and the principal adjustment will be lower.

This is not an HR-related question. You would be better off talking to a financial adviser or a lender on these matters to get a more complete understanding of the process. There are plenty of Excel templates for home loans on the internet.