u/Difficult_Win7215

Hi,

Planning to take a home loan in Canara bank. Recently, I got aware of the 0.80% BSD (business strategic discount) which will be withdrawn after 3 years. I wanted to know how the prepayment option works ? I've heard from a few people that the prepayment option is considered as advance payment while few people say that it works as a partial principal layoff. Has someone used the prepayment option from the Canara mobile Banking app? Does it show an option to select either? If partial principal pre payment is selected then is there an option on the app to reduce EMI/tenure?