You can avail of a home loan part pre-payment facility depending on the financial institution you are dealing with. It simply means, at times when you have reserve or extra cash flow, you can pre-pay any amount as a pre-payment transaction and save on your overall interest to be paid for the rest of the tenor.
Beside this, can I pay loan amount online?
You don’t have to write cheques, visit a branch or wait in a queue for your turn to make payments. Simply follow few steps and there you are stress-free of your monthly EMI payments. It’s fast, uncomplicated and secure, you can repay loan online as per your convenience.
Also to know is, how can I pay my outstanding loan amount in Axis Bank?
Axis Internet Banking: Login >> Accounts >> Loans >> Select Loan no. >> Click on “Pay Overdue” >> Select the Account >> Enter the Amount >> Enter the NetSecure Code (will be sent to your mobile).
How can I pay part payment on my home loan?
Borrowers can also repay a fixed prepayment amount towards the principal every year. This payment has to be over and above the EMI payments. For these borrowers can plan their expenses through the year and make a fixed saving every year. Then they can spend the saving on prepayment to reduce principal.
Loan repayment using Internet Banking
- Select your bank. Select the bank from which you would like to make your ICICI Bank Loans payment (we partner only with select banks as given in the drop-down).
- Provide your Loan details. Enter your 16-digit alphanumeric loan number twice. …
- Confirm Payment. …
- Receive online confirmation.
For prepaying the principal amount above 25%, you will have to pay a prepayment fee of 2%. Further, for home loans on fixed interest rates, there are no charges on prepayment through own funds. In the case of refinancing, HDFC home loan foreclosure charges are 2% of the outstanding amount for individual borrowers.