Pre-payment refers to paying an amount towards the principal of your home loan in addition to your regular EMI, which can reduce the outstanding loan balance. HDFC allows both partial pre-payment and full pre-payment. To know how to pay extra EMI for home loan HDFC, let me say that you can pay any amount (above Rs. 10,000) at any time, and this will be deducted from the principal balance. This will reduce the outstanding amount and the interest burden, and can shorten the loan tenure or lower the EMI.
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How to Pay Extra EMI for Home Loan HDFC?
You can make part-payments either online through HDFC Net Banking, Mobile Banking (PayZapp), or through a cheque or demand draft.
To pay extra EMI or make pre-payments, simply log in to HDFC's NetBanking or
PayZapp
On the homepage, navigate to "Bills and Recharges," choose "Financial Services," and then click "Loan."
Enter your loan account number and choose your loan provider from the list.
You may see your loan details on the next page.
To finish the transaction, pick your preferred payment method and decide between paying in full or in installments.
This is
how to pay extra EMI for home loan HDFC
.
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Paying extra EMI towards your HDFC home loan can help reduce the principal amount, shortening your loan tenure. I’ve shared the steps on how to pay extra EMI for home loan HDFC effectively. However, remember that the borrower will have the option to prepay up to 25% of the loan's opening principal amount each financial year after the first six months have passed, with no prepayment penalties. Prepayment penalties equal to 2% of the total amount prepaid beyond the 25% threshold will be applied to any amounts exceeding that threshold each fiscal year.
What are the Steps of HDFC Home Loan Extra EMI Payment?
Online Payment via HDFC Net Banking: Access your HDFC net banking account by visiting the
HDFC Bank website
or using the mobile app. Go to the ‘Loans’ section and select your home loan account.Look for the ‘Prepayment’ or ‘Extra EMI Payment’ option. Specify the amount you want to pay as an extra EMI. Confirm the payment details and complete the transaction.
Through HDFC Mobile App: Open the HDFC mobile banking app on your smartphone. Enter your credentials to log in. Navigate to the ‘Loans’ section and select your home loan. Choose the option to make a prepayment or an additional EMI payment. Enter the amount and confirm the transaction.
In-Person at HDFC Branch: Go to your nearest HDFC Bank branch. Request a prepayment form from the bank officer. Fill out the form with the amount you wish to pay as extra EMI and submit it along with the payment. Ensure you get a receipt for the transaction.
This is how to pay extra EMI for home loan HDFC.
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How to Pay Extra EMI for Home Loan HDFC?
Riya
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2024-09-12T23:18:57+00:00 2024-09-27T17:11:49+00:00Comment
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