When can I foreclose the loan? What is the procedure of full prepayment?
When can I foreclose the loan? What is the procedure of full prepayment?
Applicable for All Customers having Floating Rate Home Loans / Individual Mortgage Loan Customers having Floating Rate Loans
We allow full prepayment of the loan anytime (after the full disbursement of the loan) with NIL charges
You need to inform us in writing or via email about your request for full prepayment
After your full prepayment request is received within 15 days' time a foreclosure statement of your loan will be issued to you
The Full prepayment statement is required to be signed by all borrowers to the loan. You need to get the full prepayment statement signed by all borrowers to the agreement and submit it along with the full prepayment cheque at our branch at least 7 working days before your EMI date. You would also need to submit the self-attested signature proof of all the borrowers to the loan
Once your foreclosure cheque gets cleared your loan closure will happen in the Bank's records. You will receive the original documents of your loan back within 15 working days from the date of your foreclosure cheque getting cleared
Applicable for All Non-Individual Mortgage Loan Customers / Individual Mortgage Loan Customers having Fixed Rate Loans
We do not allow full prepayment for a period of 6 months from the date of your first EMI
At present, the foreclosure charges post this period will be 4%+applicable service tax of the loan outstanding + 4%+applicable service tax on the amounts prepaid during last 12 months (if any)
You need to inform us in writing or via email about your request for full part prepayment
After your full prepayment request is received within 15 days' time a foreclosure statement of your loan will be issued to you
The Full prepayment statement is required to be signed by all borrowers to the loan. You need to get the full prepayment statement signed by all borrowers to the agreement and submit it along with the full prepayment cheque at our branch at least 7 working days before your EMI date. You would also need to submit the self-attested signature proof of all the borrowers to the loan
Once your foreclosure cheque gets cleared your loan closure will happen in the Bank's records. You will receive the original documents of your loan back within 15 working days from the date of your foreclosure cheque getting cleared
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