A loan against property is one of the best ways of meeting large and unforeseen expenses. It not only gives the borrower access to instant funds but has a much lower interest rate, longer repayment tenor and as a consequence, lower monthly installments. There are a number of lenders including NBFCs (Non-Banking Financial Companies) which provide loan amounts of up to Rs. 1 crore for salaried and Rs. 3.5 crores for those who are self-employed. The amount borrowed can be repaid back in a lengthy tenor of 18 years if you are self-employed and 20 years if salaried.

These days, however, many lenders have started giving the option of repaying the loan before the completion of the repayment tenor in lump sum to reduce the overall interest that is paid to the lender. This is known as a loan foreclosure and helps in getting debt-free much faster. While many lenders provide this for free, there are still some who charge a foreclosure fee. This needs to be calculated before going to close the loan. There is a also a loan against property foreclosure calculator which is provided by lenders to accurately and instantly calculate the charges that will be incurred.


Loan Against Property Foreclosure Calculator

If your finances allow you to repay the remainder of your loan before the completion of the repayment period, then you can do so at a minimal cost. To calculate the foreclosure charges, you need to enter your loan details in an online calculator, select the number of EMIs that have already been paid and finally chose the month in which you wish to foreclose the loan. Doing so will immediately tell you the foreclosure amount that needs to be paid along with the interest that you stand to save in both Rupees as well as percentage.

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