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
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.
Loan Against Property
Against Property Interest Rates
Loan Against Property
Property EMI Calculator
Types of Loan
Property Tax Benefits
Property Balance Transfer
Property Or Personal Loan
Loan Vs Overdraft
Pradhan Mantri Rozgar
Last update on 11-Mar-2021
Hassle free loan without additional documents
Get Additional top-up loan with loan against property
Now calculate your monthly instalments, EMI and rate of
interest with LAP Calculator
Know about the fee and charges for Loan Against Property