Loan Against Property is a secured financing option where collateral is mortgaged to avail of funds. These funds can be used to meet housing or business-related expenses. It can also be used for debt consolidation. Loan Against Property offers a sizeable loan amount at a competitive interest rate, making it an ideal financing solution to access quick and easy funds.
Prepaying a Loan Against Property involves making partial payments towards your loan before the due dates, allowing you to reduce the total interest outgo. You can make the part-prepayment by paying an extra EMI whenever possible, which will gradually reduce the principal amount of your loan.
Prepaying a Loan Against Property with Bajaj Housing Finance is a simple process, offering flexibility and convenience to help you manage your finances efficiently.
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Visit our online portal and log in to your account using your credentials.
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Under 'My Relations’, click ‘Account Summary’ and then ‘Loan Account Details’ from the dropdown menu.
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Choose the loan account for which you want to make a prepayment and click ‘Pay’ option given for that loan account.
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Next, click 'Proceed' under prepayments in the 'Pay Online' section.
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Choose the payment method and click 'Make Prepayment'.
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Confirm the prepayment amount and proceed to the payment gateway.
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Complete the transaction and you will receive a confirmation message on the portal and via email/SMS.
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
- It can reduce the EMI amount or the loan tenure
Prepaying 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 23 and 60 years** of age if they are salaried. For self-employed borrowers, the age needs to be between 23 and 70 years**.
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
- 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
