A Loan Against Property is a secured financing option wherein a collateral is mortgaged to avail of funds. It has no end-usage restrictions and offers sizeable loan amounts against competitive interest rates, making it one of the most preferred financing solutions 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 a Loan Against Property entails the following steps.
Part-prepayment or foreclosure encompasses repaying the credits in parts before they are due. Our Loan Against Property is available against flexible repayment options, which allows partial pre-payments. This feature can help individuals reduce their debt when they have access to additional funds and manage their finances efficiently.
The 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.
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Visit our online portal and log in to your account using proper credentials.
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Click on 'Payments' and then 'Online Payment.’
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After selecting the ‘Part-prepayment’ section, click on the ‘Proceed’ tab.
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Now enter the amount to prepay and select the 'Pay Now' tab, having verified all the details.
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After you are redirected to the ‘Billdesk Payment Gateway’, proceed with the payment.Now, enter the card details and make the prepayment.
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The payment will get processed within 2 hours and reflect in your account.
The following are some of the benefits of making a prepayment.
- The primary benefit of part-prepayment is that individuals can lower the principal left to be repaid
- Foreclosing makes a borrower debt-free
- It reduces the EMI amount or the loan tenor
Foreclosing or part-prepaying a Loan Against Property can aid individuals in several ways, the most important of which is reducing the total cost of the loan.
Nonetheless, to enjoy such benefits and more, individuals must qualify for a Loan Against Property by fulfilling the below-mentioned eligibility parameters.
- Nationality: Should be a citizen of India residing in the country
- Age Group: Borrowers must be between 25 and 60 years of age** if they are salaried. For self-employed borrowers, the age needs to be between 28 and 58** years.
** The maximum age is considered as age at the time of loan maturity.
- Employment Status: Either a self-employed applicant with a steady income from the existing business or a salaried applicant working in a private, public, or an MNC
Fulfilling these requirements can make individuals eligible for a Loan Against Property and its associated benefits from Bajaj Housing Finance.
*Terms and conditions apply
