Home loan: This strategy will save Rs 16 lakh on Rs 40-lakh loan, finish it 6 years early
Interest rates on floating rate home loan especially EBLR home loans have risen by almost 2.5% within last 16 months due to which the EMIs have gone up. Borrowers will now need to pay a much higher total interest due to higher interest rate. However, smart use of partial prepayment can significantly bring down the total interest outflow and help borrowers to pay off the loans quickly.
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