Can I pay partial payments in my HDFC loan account to reduce my EMI?
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A HDFC home loan provides numerous benefits such as facility to apply online, quick loan processing, attractive interest rates, customized repayment options and simple &hassle-free documentation. This amount is paid during the period till the full disbursement of the loan. Your actual loan tenure — and EMI payments — begins once the Pre-EMI phase is over i.e. post the loan has been fully disbursed. How you time your monthly EMI payments plays an important role in your cash flows. If you are employed, your EMI should coincide with your salary date.If you are self-employed, make sure you have the necessary funds in your bank account to meet the EMI payment.
Customers typically choose prepayment when they have more money. For your convenience, HDFC offers various modes for repayment of the home loan. You may either issue post-dated cheques or standing instructions to your banker to pay the installments through ECS from your Non-Resident Account / Non-Resident Account in India.
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All it takes is just a few simple steps and it gets processed within a minute. More than that, the loan EMI payments are backed up by safe transaction mode and you can also get exciting cashback offers from Paytm. Therefore, not only you save your time but you save money as well. So just #PaytmKaro and leave all the hassles for HDFC loan payment online behind.
Now that you are convinced about the benefits of taking a home loan, what about home loan repayment, you may ask. There are a number of home loan repayment options that you could consider. However, before we discuss this, let’s understand how home loans are repaid. Your home loan is repaid through equated monthly instalments, or EMIs.
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“Differential amounts for more than a month can be aggregated and paid through a single cheque in advance,” says HDFC.
2% charges will be levied if the prepaid amount grosses 25% of the opening principal amount each financial year. HDFC will determine your Home Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income , assets & liabilities, savings history and the stability & continuity of occupation. With this option you get a longer repayment tenure of up to 30 years. This means an enhanced loan amount eligibility and smaller EMIs. Your financial plan should necessarily help you accumulate an emergency fund which is immensely useful in case of medical emergencies such as hospitalization, accident, etc.
HomeLoan: Home Loan EMI Calculator - HDFC Home Loans
This will ensure that the funds you have kept aside for your EMI payments are not impacted in case you face such a situation. Each EMI is made up of interest payable on your loan and part principal repayment. HDFC says any change in EMI needs to be updated in the customer’s account so that the Amortisation can happen with the right EMI.
Let’s say you have taken a loan of Rs. 25 lakh for a tenure of 20 years at 8.6% interest. HDFC allows customers to increase the EMI during the life of a loan and no cost is charged for this facility. HDFC says that under any of the methods of payment, the total EMI is required to be paid before the due date. In the case of post-dated cheques, there is an option either to change the old cheques completely or issue Post Dated Cheques only for the differential amount.
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The service is provided across all HDFC offices without any cost. The new EMI becomes payable with effect from the date that is agreed upon between the customer and HDFC in this regard. HDFC also allows bulk payments where Deduction at Source facilities are available from the customers’ employers.
If the home loan is being prepaid after 36 months, no charges will be levied. For individual borrowers, for balance transfer or refinancing, 2% of the amount being prepaid in addition to the applicable taxes and other statutory charges will be levied. They are known for providing easy loans with instant approvals and low-interest rates. You can get a Home Loan, Personal Loan, Car loan and many more from HDFC. But if you are worried about the complicated EMIs then Paytm brings you with an easy Loan EMI payment service. EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full.
Subsequently, the repayment is accelerated proportionately with the assumed increase in your income. Loan amortization is the process of reducing the debt with regular payments over the loan period. A home loan amortization schedule is a table giving the details of the repayment amount, principal and interest component. HDFC says that it has over 200 offices, integrated into a central server.
When a customer increases the EMI, the loan term gets reduced, which in effect reduces the total outflow substantially if the customer regularly exercises this option. Additionally, determine whether investing in MFs is more advantageous than foregoing interest payments or foreclosure. HDFC disburses loans for under construction properties in installments based on the progress of construction. Every installment disbursed is known as a 'part' or a 'subsequent' disbursement. After getting an estimate of EMI using the calculator, you can apply for a home loan online from the comfort of your living room easily with Online Home Loans by HDFC.
Customers can do any post-disbursement transaction from any office regardless of where the loan was sourced. Therefore, there is no need for customers to request for transfer of accounts to a local branch. These articles, the information therein and their other contents are for information purposes only. All views and/or recommendations are those of the concerned author personally and made purely for information purposes. Nothing contained in the articles should be construed as business, legal, tax, accounting, investment or other advice or as an advertisement or promotion of any project or developer or locality.
An EMI calculator is useful in planning your cash flows much in advance, so that you make your home loan payments with ease whenever you avail a home loan. In other words, an EMI calculator is a useful tool for your financial planning and loan servicing needs. HDFC also offers a facility of a pre-approved home loan even before you have identified your dream home. A pre-approved home loan is an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position.
This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is crucial for calculation of home loan eligibility and planning your home buying journey better. When you are closer to completing your home loan repayment, the situation reverses, i.e. the principal repayment component of your EMI is higher while the interest component becomes lower. HDFC provides several modes through which home loan customers can pay their EMIs.
A mortgage, however, should not be viewed as a personal loan, auto loan, etc. These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.
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