Mortgage loan or loan against property is an easy method to get financial help immediately from a bank. When someone requires a good amount of money to cover educational, medical or marriage expenses, loan against property is the best solution to help them out. It is a secured loan as you give your house as collateral. Also, in a secured loan you get long tenure to repay and your rate of interest is lower.
If you are planning to repay the full loan amount in one single payment without giving monthly EMI, you can do so. This is called foreclosure. With loan against property foreclosure calculator you can cut your burden of monthly payment.
Let's discuss loan foreclosure.
Since in foreclosure, you repay in single payment it involves a foreclosure fee that varies from bank to bank and NBFC to NBFC.
In this method, you can repay before the end of your term. If you have paid some EMIs, you need to calculate your remaining balance. Use loan against property foreclosure calculator to know the exact figure of your balance that you should pay to the lender. You will know your foreclosure amount depending upon your
You also need to know how to use the home loan against property foreclosure calculator. In the calculating tool, you should enter the loan amount, tenor, rate of interest, number of EMI paid and the month you plan to foreclose your loan.
The foreclosure fees are generally between 1% to 4%. Few financial bodies may even levy a penalty charge on the foreclosure loan.
So learn well before you take this decision and talk to your lender today!
Additional Read: Loan Against Property Foreclosure Calculator – A Quick Introduction
