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What are the prepayment and foreclosure charges associated with LAP EMIs?

Posted:4th February, 2025
Updated:4th February, 2025

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Most loan providers permit prepaying or foreclosing your loan against the property before the tenure is completed; however, certain penalty charges apply.

Posted:4th February, 2025
Updated:4th February, 2025

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Missing an EMI payment for your loan against property can lead to serious consequences.

Posted:4th February, 2025
Updated:4th February, 2025

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There are limited tax benefits available on the EMI of a loan against property.

Salaried individuals can claim tax deduction up to ₹2 lakhs under Section 24(b) on the interest portion of EMI, if the loan is taken for acquiring a self-occupied residential property.

Business owners can claim the interest portion of EMI as a business expense under Section 37(1) for tax deduction if the loan is taken for business purposes.

However, no tax deduction can be claimed if the loan against property is taken for purposes like travel, education, marriage or medical treatment.