How To Make Quarterly Payments For Your Home Loan

Quarterly home loan payments involve making a scheduled repayment every three months, rather than monthly instalments. This arrangement may suit borrowers whose income or cash flow is received at longer intervals, but it is not automatically available for every home loan. The applicable repayment frequency depends on the loan agreement, lender policy, and account-specific terms. A quarterly payment arrangement may also affect how the repayment schedule and payment mandate are managed, so these details should be confirmed before making any change. If your existing loan follows a monthly EMI schedule, continue making payments according to that schedule until a revised arrangement is formally approved and communicated. If any EMI or other amount is already overdue, changing the repayment frequency does not automatically clear those dues. Check your latest loan statement and confirm the applicable payment amount, due date, and mandate requirements before making the quarterly payment.

How should you plan for quarterly home loan payments?

Planning is important because a quarterly repayment may require a larger amount to be available on one payment date. Setting aside funds regularly can help you prepare for the scheduled payment without relying on last-minute arrangements.

If your income is irregular, calculate how much you need to set aside each month to meet the next quarterly obligation. Keep the repayment amount separate from everyday spending where practical.

You need to check whether your home loan account is eligible for a quarterly repayment arrangement before changing your existing payment schedule. The reference information recommends reviewing the loan agreement and contacting the lender to understand the applicable terms and repayment structure.

Steps to check the available quarterly repayment options:

1. Open the Bajaj Finance App or visit the Customer Portal.
2. Sign in using your registered mobile number and OTP.
3. Go to Service or My Relations and select your Home Loan account.
4. Check the available loan servicing or repayment options for your account.
5. Review whether a quarterly repayment arrangement is available and check the applicable terms.
6. Submit a service request through the available option if further assistance is required.
7. Retain the request reference or confirmation for future reference.
8. Wait for confirmation of the revised repayment arrangement before changing your existing payment schedule.

The exact options displayed can vary by loan account. A submitted request does not by itself mean that your repayment frequency has changed. Confirm the revised schedule before changing how you make your repayments.

What should you check before choosing quarterly payments?

Check your current repayment schedule, outstanding dues, loan terms, and payment arrangements before requesting quarterly payments. This helps you understand whether the arrangement is suitable for your account and prevents an unintended gap in repayment.

Before requesting a change, check:

• Current repayment status: Confirm whether any EMI or other amount is already overdue.
• Loan agreement: Review the repayment frequency and applicable conditions.
• Quarterly amount: Confirm the exact amount payable under the proposed arrangement.
• Interest treatment: Understand how interest will apply under the revised schedule.
• NACH mandate: Check whether a new or revised mandate is required.
• Effective date: Confirm when the new repayment schedule will begin.
• Existing legal notice: If applicable, check whether the notice requires specific dues or payment instructions to be followed.

Until the revised repayment frequency is confirmed, continue making payments according to the existing schedule. This is particularly important where an account already has overdue dues or is subject to a repayment-related service request.

What happens if a quarterly home loan payment is missed?

A missed quarterly home loan payment can result in overdue dues and applicable charges until the outstanding amount is paid. The unpaid instalment may continue to remain outstanding, and prolonged repayment delays may affect your CIBIL record under the applicable credit reporting framework. If you have already received a legal notice, making a future quarterly payment may not automatically resolve the overdue amount referred to in the notice. Review your latest loan statement, current outstanding dues, and the payment instructions in the notice to understand the amount payable. Under applicable RBI norms, a loan account may be classified as an NPA when the relevant overdue conditions are met. If a payment is missed, use an authorised payment channel to clear the overdue dues and keep your repayment account up to date.