Highlights:
- Understanding What Advance EMI Payments Mean
- Steps to Verify Your Advance EMI Payment
Ever missed an EMI payment because your registered bank account didn’t have sufficient balance? With an Advance EMI payment, you can avoid that altogether.
Some Home Loan borrowers prefer to stay ahead on their repayment schedule by making advance EMI payments. Paying your EMI in advance can help you avoid penalty charges and make financial planning more feasible. But how can you be sure that your Advance EMI has been recorded correctly in your Home Loan account?
Understanding What Advance EMI Payments Mean
Before we get into the details, let’s first clarify what qualifies as an Advance EMI payment.
An Advance EMI is an EMI you pay before your scheduled due date. For example, if your EMI is due on the 10th of each month, any payment made between the 26th of the previous month and the 9th of the current month is considered an Advance EMI.
You may choose to make this payment in advance if you are travelling, expect limited funds in your registered bank account, or simply wish to use a different account for that month’s EMI. In such cases, you can manually make the payment through the BHFL Customer Portal or App, choosing the source account at your convenience.
Steps to Verify Your Advance EMI Payment
If you have made an Advance EMI Payment, here is how you can check its status.
Step 1: Login to the Customer Portal using your valid credentials.
Step 2: Click on ‘Loan Statements’ from the Left-hand-side menu, under ‘Request’.
Step 3: Find your ‘Statement of Account’ mapped against the correct Loan Account Number.
Step 4: Scroll to the end of the statement for recent transactions; the EMI paid in advance will be listed as an ‘unregistered charge’.
Step 5: After your actual due date, the same will be updated as credited to your loan account.
Note that there is a standard turnaround time of 4 hours*, post which you can expect to see the payment reflect in your loan account/s. Advance EMIs made between the 26th of the current month and the 9th of the next month are updated by the 15th of the following month.
Frequently Asked Questions: Advance EMI Payments
If your advance EMI is not visible in your latest statement after the 15th of the following month, log in to the BHFL Customer Portal and raise a service request under ‘Payment Not Updated’.
Yes, advance EMI refers to paying an upcoming instalment early, while part-prepayment refers to paying an additional lump sum amount towards reducing the outstanding principal. Both are separate actions with different implications on your loan schedule.
No, you can request your loan statement or amortisation schedule at no extra cost through the BHFL Customer Portal.
Your bank transaction reference number and the BHFL Loan Statement should be sufficient to verify your payment.
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