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How To Prepay Loan Against Property

How to prepay Loan Against Property?

Loan Against Property is an exclusive financing option which gives you limitless opportunities to use the availed loan amount. Finance your big-ticket expenses such as a marriage, overseas travelling, children’s abroad education, and more.

Along with a high-valued loan amount of up to Rs. 3.5 Crore, Bajaj Finserv also offers flexible repayment options for a Mortgage Loan. You may also opt to part-prepay a substantial amount if you have additional funds in hand.

A mortgage loan prepayment is merely the repayment of credit availed in parts anytime during the tenure. Use this unique feature to reduce debt at the earliest and manage finance efficiently.

As per the RBI guidelines, you can prepay loan amount without any fees or charges if the loan meets a few conditions.

Conditions to Prepay Your Loan Penalty-free

  • The loan should be availed at a floating rate of interest instead of a fixed rate.The loan application should be made in capacity as an individual applicant and not as a corporate entity.
  • A corporate entity cannot be the co-applicant.

As per this directive, Bajaj Finserv provides part-prepayment and foreclosure facility at nil charges if the borrower meets the above conditions. For other borrowers, the charges are nominal and do not cost much.

Also Read: Who can be the co-applicant in Mortgage Loan

Part-Prepay with At Least 1 EMI

When opting for part prepayment, you need to pay the amount more than or equal to 1 EMI calculated during the loan application. Use Bajaj Finserv’s Property Loan EMI calculator to know the amount payable with one EMI.

So, prepare to avail Loan Against Property from Bajaj Finserv and part-prepay at low to no prepayment charges on Mortgage Loan. Lower the principal amount and also reduce total interest payable with this facility.

Additional Read: Prepay your Loan Against Property in 5 Easy Steps

Meet Loan Against Property eligibility criteria for this loan and fill up the online application form. Make sure to keep the required Loan Against Property documents handy for quick and hassle-free disbursal. Avail the fastest Property Loan disbursals from Bajaj Finserv within 4 days of approval.