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A loan against property is a secured financing option wherein a collateral is mortgaged to avail of funds. Loans Against Property have no end-usage restrictions and offer high-value loan amounts against low-interest rates, making them an ideal financial solution to access quick and easy funds.
Another major advantage of a loan against property is that the loan amount can be prepaid anytime during the tenor without incurring hefty additional charges. With Bajaj Housing Finance, prepayment of loan against property entails following a few steps.
Part-prepayment or foreclosure encompasses repaying the credits in parts before they are due, during the tenor. Our loan against property is available against flexible repayment options, which allows partial prepayments. This feature can help individuals reduce their debt when they have access to additional funds and manage their finances efficiently.
Prepayment of loan against property is an easy process and involves paying off the entire due before the tenor ends. Part-prepayment entails increasing the EMI by a certain percentage every year or paying off an extra EMI.
The following are the foreclosure and part-prepayment charges for a Bajaj Housing Finance Loan Against Property.
*GST, as applicable, will be payable in addition to prepayment charges.
Some other conditions to remember when calculating prepayment charges:
As per RBI guidelines, no charges or fees are to be imposed for prepayment of loan against property for the following conditions:
We follow RBI guidelines for foreclosure of loans against property. Thus, we provide foreclosure and part-prepayment facilities at zero charges provided that the above conditions are met.
Even for borrowers who don’t qualify under these conditions, our prepayment charges are nominal. Another important point to remember for part-prepayment or foreclosure is that borrowers need to pay at least one EMI or an amount exceeding it.
The following are some benefits of prepayment:
Foreclosing or part prepaying a loan against property can aid individuals in several ways, the most important of which is lowering the total cost of the loan.
Nonetheless, to enjoy such benefits and more, individuals must qualify for a loan against property by following these requirements:
Fulfilling these requirements can make individuals eligible for a loan against property and its adjoining benefits from Bajaj Housing Finance.
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Pradhan Mantri Rozgar Yojana
Last update on 11-Mar-2021
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