If youre determined to cancel your home loan as soon as possible this is not a bad idea, you can put extra money towards the loan but there are some things you need to be aware of.
Depending on the amount of money you destine every month towards your home loan you could reduce the length of it from months to years and of course you would be paying less interest on the principal as you would be reducing it systematically.
Interest or Principal
However, there are some home loans in which you pay first the interest and then the principal so if you put more money towards the loan you would just be giving the lending institution an advance which is pointless.
Prepayment penalties
There also some loans that have prepayment penalties.
Since the lending company earns money from interest they want to make sure you wont pay off the loan in advance and thus reduce what otherwise they would be gaining, thus, they charge a percentage on the outstanding amount.
If this is the case you will need to consider whether you would benefit from paying off the home loan sooner.
Perhaps it would be wiser to just carry on with the scheduled repayment...
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