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What is Home Loan foreclosure?

What is Home Loan Foreclosure?

-> Home loan foreclosure means repaying the outstanding loan amount in a single payment instead of with EMIs.
-> A home loan foreclosure may seem a good option because you get to pay off your debt quickly.
-> However, you must consider certain factors before opting for a foreclosure.
-> Does a substantial part of your monthly income go towards EMI payments? Then you must pay off your home loan as soon as possible.
-> Take other financial responsibilities into consideration before foreclosing your loan account. Ideally, use surplus funds to do the foreclosure.
-> Weigh the return on investments of these surplus funds if invested in securities. Compare this to the gains of making interest payouts towards the home loan.
-> With Bajaj Finserv, you can prepay the entire loan amount and foreclose your account.
-> However, the amount should not be less than the total amount of 3 EMIs. This option is available only if you paid your first EMI.

Foreclosure Process
-> Our online foreclosure calculator helps you calculate the amount you need to pay while foreclosing your account.
-> For arriving at the foreclosure amount, you must select the number of EMIs that you have already paid and the month in which you intend to foreclose the account.
-> You can use our calculator here.
-> You can prepay the entire loan amount and foreclose your account. However, the amount should not be less than the total amount of 3 EMIs. This option is available only if you have cleared your first EMI.

Fill out our online home loan application form and get easy approval and we shall take care of the rest. For the offline loan application, you can simply visit any of our branch, call or SMS to know more.

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