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Home / Finance / Home Loan / What is the Difference Between Home Loan Prepayment and Foreclosure?
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What is the Difference Between Home Loan Prepayment and Foreclosure?

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Summary
Home loan prepayment means paying an extra amount toward your outstanding loan, either partially or fully, before the scheduled tenure ends, reducing either your EMI or loan tenure. Foreclosure refers specifically to paying off the entire remaining loan balance in one go, closing the loan completely before its original term. So prepayment can be partial or full, while foreclosure always means full and immediate closure of the loan.
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