What is The Disbursement of Home Loan?
Pondering about the home loan disbursement process? There are three stages, namely the submission of the application form and documents followed by the sanctioning and the disbursement which is usually communicated through the home loan disbursement letter. This letter is where you will locate the home loan disbursement plan for your home loan.
It is also better to use a home loan eligibility calculator in order to comprehend the amount that you will be eligible for and a home loan EMI Calculator to work out the amount to be repaid every month and whether you can afford it. Once you have approved the home loan sanction letter, the disbursement process will commence.
The key home loan disbursement stages include the following:
1. What is a Home Loan Account Statement?
When you commence repaying your home loan, you will receive something called a home loan statement from your loan specialist. In most cases, this statement can be accessed online by signing into the dedicated customer portal of the lender. This home loan statement may also be emailed to you by the lender.
The home loan account statement demonstrates the record of repayment of the loan, for the set tenor. It showcases the loan amount, begin and end dates of the loan tenor, the home loan interest rate applicable and the type of interest rate (whether fixed or floating), the total amount repaid to date, the previous EMI amount, how much loan remains to be repaid, and more.
On the off chance if you have part-prepaid your loan, or missed an instalment for any reason, it is recorded in your account statement as well. The requisite adjustment in the principal amount is also recorded within the statement, so that you have a clear and accurate picture of how much you have repaid, and how much you need to repay in the future.
The statement also lists down every single repayment you make towards you loan, and records the date on which you made the payment, as well as the date on which it was credited to your loan account.
As such, your home loan account statement is the most important document pertaining to your loan. Without your account statement, you can end up losing track of your repayment, which can prompt monetary problems later on. The account statement also helps you prove you have completed repayments on time, which encourages you close your loan easily at the end of the tenor.
How to Download Home Loan Statement?
Bajaj Housing Finance Limited Home Loan statement can be accessed online by signing into the Bajaj Housing Finance Customer Portal.
2. What is Prepayment of Home Loan?
When it comes to prepayment of home loans, this is nothing but paying off the loan with your surplus or added finances. Housing loan prepayment is when the borrower partially or fully pays off the home loan prior to the completion of the home loan tenure. There are a few home loan prepayment rules that you should always keep in mind in this regard.
Prepayment Charges on Home Loan
With respect to prepayment, you can always utilize a home loan prepayment calculator to work out the points of interest. The prepayment charges on home loans vary from one lender to another. It usually ranges between 2-4% depending on the lender in question. While prepaying the loan, you should always take an acknowledgement of the same which mentions details like the amount prepaid, the outstanding loan amount, remaining tenure and new monthly EMI. The prepayment process requires you to get in touch with your lender online/offline. You can also choose for foreclosure, i.e. prepaying any amount which is at least the same as the sum of three EMIs once the first EMI has been cleared. Make sure that prepayment is planned early on and in case of foreclosure of the entire loan, get your home loan original documents retrieved at the earliest. Have your ID proof when you wish to prepay the loan and submit all documents required. Gather unused cheques from the lender as well.
At Bajaj Housing Finance Limited, there are no extra fees expenses in case of home loan foreclosure. You can easily prepay the loan through the Experia online customer portal.
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