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Yes, prepayment is allowed on most loans against property. However, certain lenders may impose lock-in periods or restrictions. Verify the terms in your loan agreement.
Some lenders may be open to negotiating prepayment penalties. Borrowers with a strong repayment history may use this to reduce or eliminate charges.
Partial prepayment reduces the outstanding principal, which can either lower your EMI while keeping the tenure the same or reduce your loan tenure with unchanged EMIs.
Yes, prepayment improves your credit score as it reflects positively on your creditworthiness and debt management abilities.
Lenders often specify a minimum amount for partial prepayments, like three EMIs, but many do not set a maximum limit. Check your lender’s specific terms.
The interest saved depends on the prepayment amount, loan tenure, and interest rate. Use an online prepayment calculator to estimate savings.
Yes, you can prepay, but most lenders impose prepayment penalties on fixed-rate loans, unlike floating-rate loans where penalties are typically waived.
Yes, you'll need to provide certain documents to initiate a loan prepayment. These include your loan account details, a prepayment request form and your PAN card or other valid ID proof.
You can use an online prepayment calculator by entering details of your loan amount, tenure, interest rate, and prepayment amount. The tool will provide an estimated savings breakdown.
The ideal time is early in the loan tenure when the interest component in EMIs is highest. Prepayments made earlier result in maximum interest savings.
