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Home Loan foreclosure is repaying a housing loan before the tenure ends, effectively closing the loan account.
The most common reasons include:
- Financial windfalls (bonuses, inherited funds).
- Reducing financial burden.
- Availing better opportunities by clearing liabilities.
Foreclosure can involve full loan repayment, partial loan repayment, or outright sale of the property to repay the remaining loan balance.
Yes, a Home Loan can be foreclosed by repaying the outstanding principal per your lender's guidelines.
Penalties depend on the type of loan. Lenders may charge foreclosure penalties for fixed-rate Home Loans, while floating-rate loans are exempt as per RBI guidelines.
A Home Loan foreclosure positively impacts your credit score by showcasing your financial stability and responsible repayment behaviour.
Alternatives include partial prepayment, refinancing, or continuing with regular EMI payments to maintain liquidity.
This depends on your financial goals. Prepayment reduces the principal amount, potentially lowering your EMI, while foreclosure finishes the loan.
These are processing fees levied by the lender when the borrower closes the housing loan before the originally agreed tenure.
Lenders impose these charges to compensate for the loss of interest income they would have earned over the loan’s tenure.