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Preclosing a mortgage means paying off your loan before the term of the loan expires. It can be undertaken for many reasons, including refinancing and interest savings. A borrower can also refinance their housing loan with another bank simply because the bank is ready to offer a lower home loan interest rate. In this situation, the borrower requests a loan with a preferred bank, and if approved, the bank pays off the old loan in full, allowing the borrower to get a loan at a reduced interest rate.
A debtor can also prepay a mortgage to save money on interest. Closing a mortgage before the end of the term allows the borrower to avoid paying some interest. Any interest they were to pay after the pre-closure will be waived when the loan is closed.
Every bank has different home loan prepayments rules that you need to follow. But the basic steps that are involved in the process remain the same.
Prepayment penalties are fees you must pay for paying your bills early. When banking firms implement this type of fee, it is to protect themselves from financial losses caused by decreasing interest income. Lenders typically levy a 2-4 per cent fee on the unpaid principal amount at the time of prepayment. For charges specific to the bank, you can always check their mobile banking app.
Before opting for a home loan prepayment, one must examine the house loan pre-closing fees that a bank may impose. Prepaying a home loan does not help in some cases because the fees associated with preclosing a loan surpass the money saved by paying the loan.
Some points that you should remember while opting for home loan prepayment are:
There are many reasons why one may opt for a home loan prepayment, but the most common one is a home loan balance transfer. People are looking for the lowest home loan interest rates in the market to make repaying their loans easier. IDFC FIRST Bank is one of the options you can consider for repaying your loans. IDFC FIRST Bank offers home loans for salaried individuals starting at 6.90%. Further, you can customise the loans to your needs and with minimal documentation.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.