Can I use the part-prepayment calculator for joint home loans?

Yes, part-prepayment calculators can be used to estimate benefits for joint home loans that have co-applicants. When applying for a joint home loan, both borrowers are liable for repayment.

The part-prepayment calculator will take inputs like the current outstanding principal, remaining tenure, interest rate and expected part-payment amount. Based on these details, it calculates the reduction in the EMI amount if you make the specified part-payment.

The results will be applicable to the loan jointly, assuming the part-payment is made from a common account. The reduced tenure and EMI will reflect on the loan account accessible to both co-borrowers. However, the calculator may not support inputting separate part-payment amounts for each applicant.