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@juls444 You mention that while prepaying and ensure it gets added against the principal via your lender app/portal.

@shosho I chose HDFC because I wanted nil foreclosure charges, and it delivered on that. The only caveats were that I shouldn't prepay in the first 6 months of the loan and the prepayment amount should be at least equal to the EMI. But I had to pay a processing fee of 2,950 for the first rate...

@justinfaith22 I want to make that calculation on my case but it's a bit complex for me as I have to take TMV into consideration. Although, there are several such comparisons on imaginary cases online.

@substatica Because of smaller principal outstanding, which is 11 lakhs at the moment. 8.35% on that amount comes to roughly 92,000.

@partypooper98 Not always. They can be floating or fixed, and are usually tied to repo rate. Mine was fixed.

@artemio If the listing of previous SFBs is anything to go by (and naturally it's not enough to gauge), I'll be skipping both.

@_smartz, @profmaliki, request you to please lock this thread. Thanks.

@joyfam Just when I started a Navi SIP. Brilliant.

@_smartz, @profmaliki, please approve.

@oregonnowandthen It's entirely arbitrary as far as I know. For instance, Canara Bank charges 999 + GST.

@hetherington Their form mentions this. You just tick the right box Nope. That is the primary reason I chose HDFC. Others, mainly PSBs, levy a fee everytime you prepay.

@victoria52 Not to disparage your theory, which makes sense, but this figure is taking an optimistic look at equity investing. I'm more inclined to pay off my debts should I lose my earning capacity due to the uncertain job/business market. I'm not even comparing the two options; just...

@hilarious Sure. I'll DM it to you.

@naga888 I'm glad he used the approach. The point is to divert surplus (or part of it) to pay off loans in the initial years.

@darrenr I think I should have clarified. When taking the loan, I had resources to pay only 25,000 as EMI, which came to around 30% of my take-home. Not to mention, I needed 30 lakhs and upwards. I had NO idea of surplus money, as I started a side gig during the pandemic. So, all the money that...

In Feb 2019, I took a home loan of 30 lakhs at an interest rate of 8.95% for a period of 25 years (300 months) from HDFC. This meant I would end up paying a whopping 44 lakhs as interest on the 30 lakh loan. That's 74 lakhs, a staggering amount that a lot of borrowers do not take into account...