FORECLOSURE
KNOW ALL ABOUT HOME LOAN PREPAYMENT
Published By Livemint | 01 Apr, 2023
HOME LOAN FORECLOSURE
Closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount
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WHY TO FORECLOSE HOME LOAN
It reduces income outflow and lets you save more income
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TITLE TO THE PROPERTY
Prepayment makes you the owner of the property & opens ways of reselling it
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FUNDS ALLOCATION
Lump sum funds benefit more in foreclosure than investment
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WHEN TO FORECLOSE HOME LOAN
Pre-pay loan for these reasons
DRAINING SAVINGS
When monthly EMI is causing dent in your salary
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LUMP SUM FUNDS
When you have received lump sum funds from inheritance of any other source
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TAX BENEFITS
Foreclosure can be claimed u/s 80 C of IT Act and EMI can be claimed u/s 24
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PROPERTY SALE
Loan repayment also helps when you are aiming to resell the property
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HOW TO PRE-CLOSE HOME LOAN
Submit a foreclosure request
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STEP 2: MAKE PAYMENT
Make payment once you receive foreclosure letter and amount due
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STEP 3: OBTAIN DOCUMENTS
Receive documents like title deeds, sale agreements, no-dues certificate
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