Loan foreclosure helps you make a total payment of your outstanding loan amount in one sitting without having to pay it in several Equated Monthly Instalments (EMIs).
You should only consider this decision if you can produce the lump sum necessary for the foreclosure of your loan against property. You can use a mortgage loan preclosure calculator to know the exact sum needed to pay the mortgage loan foreclosure charges.
By paying the loan amount before the tenor ends, you become free of the loan and can now focus on servicing other debts or strengthen your savings. To undertake a loan foreclosure, you have to calculate the remaining EMIs and decide on the month in which you will foreclose the outstanding loan amount. Planning early gives you the advantage of avoiding mistakes that can negatively impact your loan against property foreclosure.
Here are a couple of things you must bear in mind before you consider foreclosing your loan against property for good. This will help you reach an informed decision before you do the deed.
It pays to constantly monitor the interest rate on your loan against property. Therefore, before paying the pre-closure charges for a loan against property, check that your interest rate aligns with the rates of other lenders. If not, negotiate for a reduction, as the rate of interest will also be applicable to the lumpsum amount you will pay to foreclose your loan.
Your lender expects that you pay the loan against property foreclosure charges to complete the process. To stand a chance of affording a loan foreclosure, ensure that you save money when possible. Opting for foreclosure is expensive as you will close the loan with a single payment. Hence you might want to be prepared financially. Also, you can ask your lender for the current pre-closure charges for a mortgage loan.
A Loan Against Property Foreclosure Calculator is used to determine your outstanding loan amount. You should use this tool especially when you are considering a loan against property foreclosure. With it, you can calculate your remaining balance and the interest to be saved when you foreclose the loan.
It offers accurate and instant results to guide you through the process. It will also help you take advantage of the gains that come from repaying your outstanding balance ahead of schedule.
The Loan Against Property Foreclosure Calculator is easy to use. All you have to do is input the following:
On supplying the calculator with these details, the calculator will give you the exact amount you must pay to foreclose the loan.
If you'd like to close your loan against property early, we’re happy to help you. We charge absolutely nothing to get this done, so we urge you to take advantage of this incredible offer now. Click here to use our super-fast loan against property foreclosure calculator at Bajaj Housing Finance today.
Before opting for foreclosure of your loan, check if you will be charged with prepayment penalties and evaluate the limitation on the tax benefits you can receive.
When you opt for a loan foreclosure at Bajaj Housing Finance Limited, you do not pay any foreclosure charges. Hence, you save a whole lot.
This is the month in which you repay the outstanding loan amount to close the loan.
There are no penalties charged for a loan against property foreclosure.
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Last update on 11-Mar-2021
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