O Israel, put your hope in the Lord, for with the Lord is unfailing love and with him is full redemption. He himself will redeem Israel from all their sins. (Psalms 130:7) (NIV)
Redemption means to set anyone from the bondages or slavery. We can see the concept of redemption in both the Old Testament and in New Testament. In the Old Testament, it was mandatory to offer animals or birds as a sacrifice to cover the penalty of sin. It means that the birds or animals are being sacrificed as a substitute in our place for our sins. However these sacrifices covered the sin temporarily, there needs to be permanent solution to be made so that the sins of all the humanity would be covered and take away sin permanently.
Redemption required a payment of a price but the plight that requires such a ransom is moral not material. God the Father gave his only begotten Son for us to come out from the bondages of sin and to enter into heaven. It is not feasible without shedding the pure holy blood for the sins. Jesus gave himself for this redemption process so that you and me can be with his forever without any sin of this world.
Romans 5:8 says “But God demonstrates his own love for us in this: While we were still sinners, Christ died for us.” We did not deserve for the great unconditional love which Jesus took the cross and died on the cross bearing all the shame, nakedness and suffering. His death was in exchange for our life. In fact, Scripture is quite clear that redemption is only possible “through His blood,” that is, by His death (Colossians 1:14).
Jesus by paying the price for our sins gifts us the forgiveness of sins as something that is already accomplished and that the effect of this redemption is that we are not even to be conscious of sin (Heb. 10:1-2). The redemption has made us perfect in eyes of the God the Father. Since Jesus has paid the price, does eternity is gurannteed for all? Certainly not, God has gifted us the salvation through the redemption process and it is necessary for each one to guard that salvation through holiness and obedience to the word of God to enter into the gates of heaven. Salvation is free for anyone those who believe in Jesus Christ, but to enter heavenly realms it needs commitment to God, sacrifices, obedience and holiness.