Original loan amount
Annual reducing balance rate
Repayment period in years
Monthly EMI
₹0
Total Interest
₹0
Total Payment
₹0
Year-wise Amortization (Base Loan)
| Year | Principal | Interest | Total Paid | Balance |
|---|
What is a Part Payment?
A part payment (also known as a partial prepayment) is any payment made in addition to your regular EMI. Unlike full foreclosure, part payments allow you to reduce the outstanding principal incrementally over time.
- Each part payment directly reduces the principal balance
- Future EMIs can either stay the same (shorter tenure) or decrease (same tenure)
- Most banks allow 1–2 part payments per year without penalty for floating rate loans
- For fixed rate loans, check your loan agreement for part payment charges
The earlier in the loan tenure you make a part payment, the more interest you save — because interest is front-loaded in EMI loans.
Frequently Asked Questions
How many part payments can I make per year?
For floating rate home loans, most banks permit up to 2–4 part payments per year with no charges. Minimum part payment is usually ₹10,000 or 1 EMI amount.
Is a part payment the same as a prepayment?
They are related but differentiated by lenders. Prepayment typically refers to paying off a large portion in one shot; part payment refers to additional amounts paid periodically alongside your EMI.