Buying a home is one of the best decisions you can take, and if you have taken a home loan the EMI stands out every month till your tenure is over. Once the loan is taken it becomes your first priority to repay it back. It is a prudent decision to prepay your loan if you don’t require it. Home Loan Prepayment is financially beneficial for home loan borrowers.
The average home loan tenure is about 8-10 years in India, which means home loan prepayment is preferred by the borrowers. Home loan interest increases the overall cost of the property which means home loan eats into return from property.