How to Pay Home Loan Part Payment Online

How to Pay Home Loan Part Payment Online: The person who took home loan from the bank needs to pay term payments to the bank. For this purpose the candidate needs to visit the bank every time for the home loan part payment. But every time it may not be possible for the person to visit the bank for loan payment as they may not get the time to visit the bank. So for that purpose there are some other ways to pay home loan part payment without visiting the bank. 

Everyone should Plan for home loan part payment is a very good thing in the financial planning. In the initial years when interest is high in case of home loan, one should try for as much part payment as possible. It will help the person to reduce the interest burden as well as home loan tenure. One should try to reduce the debt burden as soon as possible. By paying the prepayment or part payment the candidate can reduce small amount from the home loan principle.

Home Loan Part Payment Via Online

The home loan part payment will not close the entire home loan amount but it helps in reducing the debt burden. The basic requirement is whether to reduce the EMI or loan tenure when someone is planning for home loan part payment. The candidates have to provide preference and the entire calculation will be changed accordingly. It is always advisable to reduce the tenure as it will provide more benefits than reducing EMI in long run.

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It is possible to pay home loan part payment online without visiting bank branch. This can be done in a simple way. 

How to Pay Home Loan Part Payment OnlineFor any online transactions, NEFT is the most popular way to pay in online. NEFT can also be used for home loan part payment. But this will depend on bank to bank. In case of SBI the candidates can easily add their home loan account as payee and go for part payment. If you have a SBI Max gain account then it is a very good way to reduce your loan burden by prepaying a small amount. For ICICI bank you have to visit the branch for a NEFT part payment request. Where you have to choose for tenure vs. EMI and submit the application. So contact your bank loan section and ask whether you can prepay a small amount via bank NEFT transaction online.

It is more beneficial is the person is having a savings account in the same bank where he took the home loan. Then you may get some good features. In such cases by email communication you can complete many tasks. For this visit once in your branch and bring that home loan part payment form or ask your bank to provide the soft copy of the form with ECS form as well and then take print out of those 2 forms, fill the required details and then scan these forms and now reply to the bank mail with attaching these 2 forms regarding amount deduction and tenure/EMI reduction for your home loan. But here also your bank should allow such ways for home loan part payment.

As every bank follows different procedure for home loan part payment, the candidate should visit the loan department of particular bank before the loan payment.

For more information about home loan

Home Loan Insurance Benefits in India
Tax Benefit on Home Loan-Housing Loan Tax Benefit Section 24, 80EE and 80C
Best Income Tax Saving Options for 2016 Other Than 80C
How to Save More Income Tax through Home Loan and Saving Tips
List of Documents Required for Home Loan in India
How to Pay Home Loan Part Payment Online How to Pay Home Loan Part Payment Online Reviewed by amara sangati for Rating: 5