{"id":572,"date":"2017-07-05T13:32:12","date_gmt":"2017-07-05T13:32:12","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?p=572"},"modified":"2019-01-18T15:09:26","modified_gmt":"2019-01-18T09:39:26","slug":"definitive-guide-foreclosing-loans","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/","title":{"rendered":"The Definitive Guide to Foreclosing your Loans"},"content":{"rendered":"

Prepaying a home loan or a personal loan can be a bit tricky, especially when you aren\u2019t cognizant of the formalities involved and the penalties for foreclosing. With that said, prepayments are a good option, since they are beneficial to the borrower in many ways like reduce the interest burden, improve credit score and so on.<\/p>\n

As soon as you land a promotion or salary hike, the first thing that pops into one\u2019s mind is, \u201cWoohoo! Now, I can be free from my EMI burden\u201d.<\/p>\n

Getting free from your loan repayments sounds exciting, but, here are a few things that you must consider when foreclosing your instant personal loan or other types of loans.<\/p>\n

Do\u2019s<\/em><\/strong><\/p>\n

#1: Make an informed decision when selecting your loan<\/em><\/strong><\/h5>\n

Though this doesn\u2019t deal with closing your loan, you must put in a lot of thought and research when it comes to selecting the right type of loan product. Check out various options before you take the final call. Getting a home loan<\/a> or personal loan that lets you prepay at any time during the tenure without having to incur additional charges will help you when you foreclose your loans.<\/p>\n

#2: Pay Regular, Steady EMIs<\/em><\/strong><\/h5>\n

To ensure that foreclosing a loan works in your favor, you have to keep your EMIs unchanged. When it comes to prepaying a loan, you have two options \u2013 either increase the EMI or reduce the tenure. So, select an EMI that doesn\u2019t pinch you and stick to it.<\/p>\n

#3: Prepay as Early as Possible<\/em><\/strong><\/h5>\n

The main purpose of foreclosing an easy personal loan or vehicle loan is to reduce the interest you pay for the principal. Most initial loan EMIs contribute to the interest repayment. So, in simple terms, the earlier you foreclose your loan, the higher you save on interest payment. Avoid closing your loans towards the lag end of the tenure as it doesn\u2019t make any sense financially.<\/p>\n

Don\u2019ts<\/em><\/strong><\/p>\n

#1: Don\u2019t fail to calculate the Benefits<\/em><\/strong><\/h5>\n

Prepaying a loan may not be the best option always. So, before you take any hasty decisions, spare some time to weigh the benefits of foreclosing with the penalties and other charges.<\/p>\n

#2: Don\u2019t forget the Tax Benefits<\/em><\/strong><\/h5>\n

Loans offer great tax benefits and other attractive rebates. This is a good reason to continue paying the loan for the rest of the tenure to keep on enjoying these tax benefits.<\/p>\n

#3: Don\u2019t choose to repay the entire loan amount<\/em><\/strong><\/h5>\n

Instead of opting to close the second home loan or other loans completely, you can choose to repay a partial loan amount.<\/p>\n

#4: Don\u2019t forget to claim the acknowledgment for Foreclosure<\/em><\/strong><\/h5>\n

Getting an acknowledgment is essential to avoid any discrepancies later on. Ensure that it is signed and stamped officially by the bank.<\/p>\n

#5: Don\u2019t forget to stop your Auto-Debits or Collect the Unused Cheques<\/em><\/strong><\/h5>\n

If you have set up an auto-debit for your loan repayment, then make sure to discontinue it. Also, collect any unused cheques from your bank to prevent misuse.<\/p>\n

Now, that you are aware of the entire Do\u2019s and Don\u2019ts for foreclosing home loans, personal loans<\/a> or\u00a0auto loans<\/a>, it\u2019s time to get the ball rolling!<\/p>\n","protected":false},"excerpt":{"rendered":"

Prepaying a home loan or a personal loan can be a bit tricky, especially when you aren\u2019t cognizant of the formalities involved and the penalties for foreclosing. With that said, prepayments are a good option, since they are beneficial to the borrower in many ways like reduce the interest burden, improve credit score and so … Continue reading “The Definitive Guide to Foreclosing your Loans”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-loan"],"yoast_head":"\r\nThe Definitive Guide to Foreclosing Your Loans - Antworks Money<\/title>\r\n<meta name=\"description\" content=\"Things to do and things not to do for the foreclosure of your personal account. There is the Definitive Guide to Foreclosing Your Loans, Read this to know more...\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"The Definitive Guide to Foreclosing Your Loans - Antworks Money\" \/>\r\n<meta property=\"og:description\" content=\"Things to do and things not to do for the foreclosure of your personal account. There is the Definitive Guide to Foreclosing Your Loans, Read this to know more...\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments\" \/>\r\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/antworksmoney\/\" \/>\r\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/antworksmoney\" \/>\r\n<meta property=\"article:published_time\" content=\"2017-07-05T13:32:12+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2019-01-18T09:39:26+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.antworksmoney.com\/blog\/wp-content\/uploads\/2017\/07\/may-blog-2-17.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"2501\" \/>\r\n\t<meta property=\"og:image:height\" content=\"1251\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"Team Antworks\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:creator\" content=\"@AntworksMoney\" \/>\r\n<meta name=\"twitter:site\" content=\"@AntworksMoney\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Team Antworks\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/\"},\"author\":{\"name\":\"Team Antworks\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/person\/99145cefcc01e42af38c385eeecef0b7\"},\"headline\":\"The Definitive Guide to Foreclosing your Loans\",\"datePublished\":\"2017-07-05T13:32:12+00:00\",\"dateModified\":\"2019-01-18T09:39:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/\"},\"wordCount\":540,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#organization\"},\"articleSection\":[\"Home Loan\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/\",\"url\":\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/\",\"name\":\"The Definitive Guide to Foreclosing Your Loans - Antworks Money\",\"isPartOf\":{\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#website\"},\"datePublished\":\"2017-07-05T13:32:12+00:00\",\"dateModified\":\"2019-01-18T09:39:26+00:00\",\"description\":\"Things to do and things not to do for the foreclosure of your personal account. There is the Definitive Guide to Foreclosing Your Loans, Read this to know more...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.antworksmoney.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Definitive Guide to Foreclosing your Loans\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#website\",\"url\":\"https:\/\/www.antworksmoney.com\/blog\/\",\"name\":\"Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.antworksmoney.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#organization\",\"name\":\"antworksmoney.com\",\"url\":\"https:\/\/www.antworksmoney.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.antworksmoney.com\/blog\/wp-content\/uploads\/2018\/03\/Logo-AntworksMoney.jpg\",\"contentUrl\":\"https:\/\/www.antworksmoney.com\/blog\/wp-content\/uploads\/2018\/03\/Logo-AntworksMoney.jpg\",\"width\":335,\"height\":328,\"caption\":\"antworksmoney.com\"},\"image\":{\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/antworksmoney\/\",\"https:\/\/twitter.com\/AntworksMoney\",\"https:\/\/www.linkedin.com\/company\/13288601\/\",\"https:\/\/in.pinterest.com\/antworksmoney\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/person\/99145cefcc01e42af38c385eeecef0b7\",\"name\":\"Team Antworks\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6afb55cf81386baf97744c05fab72eb119a8574a923469f78eae31fde6ccac5f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6afb55cf81386baf97744c05fab72eb119a8574a923469f78eae31fde6ccac5f?s=96&d=mm&r=g\",\"caption\":\"Team Antworks\"},\"sameAs\":[\"https:\/\/www.antworksmoney.com\/\",\"https:\/\/www.facebook.com\/antworksmoney\",\"https:\/\/twitter.com\/@AntworksMoney\"],\"url\":\"https:\/\/www.antworksmoney.com\/blog\/author\/admin-2\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Definitive Guide to Foreclosing Your Loans - Antworks Money","description":"Things to do and things not to do for the foreclosure of your personal account. There is the Definitive Guide to Foreclosing Your Loans, Read this to know more...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/","og_locale":"en_US","og_type":"article","og_title":"The Definitive Guide to Foreclosing Your Loans - Antworks Money","og_description":"Things to do and things not to do for the foreclosure of your personal account. There is the Definitive Guide to Foreclosing Your Loans, Read this to know more...","og_url":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/","og_site_name":"Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments","article_publisher":"https:\/\/www.facebook.com\/antworksmoney\/","article_author":"https:\/\/www.facebook.com\/antworksmoney","article_published_time":"2017-07-05T13:32:12+00:00","article_modified_time":"2019-01-18T09:39:26+00:00","og_image":[{"width":2501,"height":1251,"url":"https:\/\/www.antworksmoney.com\/blog\/wp-content\/uploads\/2017\/07\/may-blog-2-17.jpg","type":"image\/jpeg"}],"author":"Team Antworks","twitter_card":"summary_large_image","twitter_creator":"@AntworksMoney","twitter_site":"@AntworksMoney","twitter_misc":{"Written by":"Team Antworks","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/#article","isPartOf":{"@id":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/"},"author":{"name":"Team Antworks","@id":"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/person\/99145cefcc01e42af38c385eeecef0b7"},"headline":"The Definitive Guide to Foreclosing your Loans","datePublished":"2017-07-05T13:32:12+00:00","dateModified":"2019-01-18T09:39:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/"},"wordCount":540,"commentCount":0,"publisher":{"@id":"https:\/\/www.antworksmoney.com\/blog\/#organization"},"articleSection":["Home Loan"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/","url":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/","name":"The Definitive Guide to Foreclosing Your Loans - Antworks Money","isPartOf":{"@id":"https:\/\/www.antworksmoney.com\/blog\/#website"},"datePublished":"2017-07-05T13:32:12+00:00","dateModified":"2019-01-18T09:39:26+00:00","description":"Things to do and things not to do for the foreclosure of your personal account. There is the Definitive Guide to Foreclosing Your Loans, Read this to know more...","breadcrumb":{"@id":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.antworksmoney.com\/blog\/definitive-guide-foreclosing-loans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.antworksmoney.com\/blog\/"},{"@type":"ListItem","position":2,"name":"The Definitive Guide to Foreclosing your Loans"}]},{"@type":"WebSite","@id":"https:\/\/www.antworksmoney.com\/blog\/#website","url":"https:\/\/www.antworksmoney.com\/blog\/","name":"Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments","description":"","publisher":{"@id":"https:\/\/www.antworksmoney.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.antworksmoney.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.antworksmoney.com\/blog\/#organization","name":"antworksmoney.com","url":"https:\/\/www.antworksmoney.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.antworksmoney.com\/blog\/wp-content\/uploads\/2018\/03\/Logo-AntworksMoney.jpg","contentUrl":"https:\/\/www.antworksmoney.com\/blog\/wp-content\/uploads\/2018\/03\/Logo-AntworksMoney.jpg","width":335,"height":328,"caption":"antworksmoney.com"},"image":{"@id":"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/antworksmoney\/","https:\/\/twitter.com\/AntworksMoney","https:\/\/www.linkedin.com\/company\/13288601\/","https:\/\/in.pinterest.com\/antworksmoney"]},{"@type":"Person","@id":"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/person\/99145cefcc01e42af38c385eeecef0b7","name":"Team Antworks","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.antworksmoney.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6afb55cf81386baf97744c05fab72eb119a8574a923469f78eae31fde6ccac5f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6afb55cf81386baf97744c05fab72eb119a8574a923469f78eae31fde6ccac5f?s=96&d=mm&r=g","caption":"Team Antworks"},"sameAs":["https:\/\/www.antworksmoney.com\/","https:\/\/www.facebook.com\/antworksmoney","https:\/\/twitter.com\/@AntworksMoney"],"url":"https:\/\/www.antworksmoney.com\/blog\/author\/admin-2\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/posts\/572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=572"}],"version-history":[{"count":1,"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/posts\/572\/revisions"}],"predecessor-version":[{"id":11345,"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/posts\/572\/revisions\/11345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/media\/573"}],"wp:attachment":[{"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.antworksmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}