There are many types of loan options available in India to help a prospective borrower fulfil his/her multiple needs. A personal loan can help one fix his/her immediate needs, and a home loan aids the building or purchase of a home.
Similarly, there are some secured loans as well which helps you avail a large amount of money at a lower interest rate. A loan against property is one such facility which needs one to keep his/her property as collateral with a lender. In turn, it gives people the option to borrow as high as to Rs.3.5 crore depending on the eligibility.
The benefit of the loan against property facility is evident for all to see. It is because the collateral, in this case, is your property, and hence, it has a lower interest rate. As a result, it becomes easier to manage and repay the loan over a longer tenor.
However, when it comes to the repayment part of the loan against property facility, many borrowers want to close the loan early. But, they also fear if foreclosing the loan before the scheduled tenor will lead to a fee or not. The loan against property foreclosure calculator can help you know all.
Have you had also availed the loan against property facility and wished to apply and wanted to foreclose the loan early? Then this post will shed some insights.
What is meant by the Loan Foreclosure?
Loan foreclosure is the entire or full repayment of the remaining part of an ongoing loan. It is completed in a single payment instead of the EMI payment over a scheduled tenor. It is a part of your loan against property process in which a borrower pays the loan early.
To do that, all that you need to do is – select the total number of EMIs already paid and the month on which you wish to foreclose the loan. This way, it can help you calculate the final amount that you would need to repay to close the loan early.
Are you getting confused about the loan against property foreclosure calculation? The loan against property foreclosure calculator will help you do it super easy!
What is the Loan Against Property Foreclosure Calculator?
The loan against property foreclosure calculator is an online tool that is available on every leading lender’s website free of cost. You can use it easily by entering a few of your ongoing loan against property account.
How do you Use the Loan Against Property Foreclosure Calculator?
Using the loan against property foreclosure calculator is easy to use. All that you have to do is enter some details in the calculator such as:
- Your loan amount between Rs.1 lakh and Rs.15 lakh
- The tenor (1-15 years)
- The applicable rate of interest
- The number of EMIs already paid
- The month in which you wish to foreclose the loan
What is the Foreclosure Month?
In your loan process, it is the month in which you pay out the remaining loan amount in advance. Example – if your loan tenor is 5 years and if you wish to repay the remaining loan after 3 years and 4 months, then the 40th month is when you can foreclose it.
What about the Penalty Charges for a Loan Against Property Foreclosure?
As of now, leading banks and non-banking finance companies (NBFCs) do not charge any charges or penalty for your foreclosure of the loan. You can check out your pre-approved loan offers by sharing your basic details such as name and mobile number.
Bajaj Finserv offers pre-approved deals on loan against property, mortgage loans, home loans, business loans, personal loans and more. It is to make your loan processing go easy and hassle-free.