The Home Loan part-prepayment process involves paying off a substantial amount from your repayment amount. Home Loan prepayment helps save the interest that is paid to the lender and develop a good credit profile for future borrowing instances.
There are two kinds of prepayments:
- Part-prepayments
- Foreclosure, or complete prepayment
In this article, we explore both options that are available to borrowers, what they entail, and their implications.
Part-Prepayment
In case of partial or part-prepayments, you can only pay off a part of the Home Loan and not the entire loan amount.
Complete Prepayment
In case of a complete prepayment or loan foreclosure, you can repay the balance loan amount in full.
To know more about these charges, click here.
Here is how you initiate a Home Loan prepayment
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Click the 'Login' button and then ‘Customer’ from the drop-down menu. Note that it is on the top right corner of the homepage. Next, enter your registered email ID, mobile number, or customer ID along with OTP or your password to log in.
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Once logged in, under the ‘My Relations’ section, click ‘Account Summary’ and then ‘Loan Account Details’ from the dropdown menu. Choose the specific loan account for which you want to make a prepayment under ‘My Active Loans’ and click ‘Pay’ option given for that loan account.
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You will be redirected to the ‘Pay Online’ section. Look for the prepayment option there and click ‘Proceed’ given below the prepayment sub-section. Choose the payment method, eCMS or Pay via Payment Gateway, and click ‘Proceed’. The enter the required details to make prepayments.
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Confirm the prepayment amount and choose the preferred mode of payment ((e.g., net banking, debit card, UPI) to complete the transaction.
*Terms and conditions apply.
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