HOME · WEBINAR · VIDEOS · ADVISE · INFOGRAPHICS · CALCULATOR However, if a personal loan can be prepaid or paid partly, there are certain from your Principal Outstanding as on date/month of making the partial payment. edocki.info is a platform for online comparison for retail loans in India. I want to prepay LIC HFL loan from citibank account. they have so that date of payment is the date when they receive the cheque in India. But a home loan closure must be completed properly to ensure no further problems arise in future. name of the borrower, home loan account number, date of loan starting and closure, amount This will complete the home loan prepayment procedure Does LICHFL has online partial-payment option?.
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Complete guide on PPF Home Loan Pre-payment Home loan pre-closure is nothing but making your home loan debt payments to the bank in part or full before the tenure. A home loan is usually for 15 to 20 years and is one of best investment options. Banks and housing finance companies usually charge a prepayment penalty if loan is closed ahead of tenure.
Some banks do not levy this if you establish the source of funds used for pre-payment. This will involve furnishing your salary slips or ITR filing with bank statement.
As per the new mandate of Reserve Bank of India, banks are not allowed to collect prepayment penalty anymore on floating rate loans. This is a huge leap forward for consumer welfare and home loan borrowers.
If your bank still levy a pre-payment penalty you can forward a complaint to Consumer Forum of India and Banking Ombudsman.
- Advantages of prepayment and part payment of personal loan
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Abolition of penalty by RBI 7 must do things on home loan closure We have provided 7 points which you need to follow to complete the home loan closure. Points 1,2,3,7 are the most important.
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You should make sure that all the documents you submitted with the bank when taking the loan are returned. Usually it will be the Title Deeds and Mother Deed if applicable.
Make sure that all the pages are present in good condition as well. I have seen instances where last page of sale deed went missing. In that case you need to arrange for the missing page which is a tedious process. Make sure all the pages are intact in front of the bank official before signing on the acknowledgement of the bank.
It is usually a good procedure to obtain the documents from bank by visiting them than request documents by courier. Once you get the originals scan them and keep a soft copy in a safe place. This states that the Bank does not have any more interest in the property and its cleared by the bank after removing all hypothecation. When you get this make sure the NOC clearly mentions the Property details like address etc.
Also a clause should be clearly mentioned that the borrower has paid all the dues and the property is now debt-free.
This will make sure that the property is entirely yours now. A lien is nothing but a transaction registered in the Registrar office which prevents you from selling the property.
However, if a lien was created then it is important to have this lien removed. A bank official will accompany you to the Registrar office to terminate this lien.
Remember that you will not be able to sell the property unless this is removed. A home loan closure is incomplete without this process. Yearly Repayment Certificate Provisional and Final. To register on Customer Portal you should have your loan account no.
The procedure for online registration on customer portal is as follows: Visit our website www.
7 must do things on Home Loan Prepayment and Closure procedure
For new user, click on Register here. Enter your Loan Account No. Enter username and password and security code and click on Register. Password must contain minimum 1 letter, 1 special character, 1 number, min 8 max 20 characters. Enter verification code and submit. How do I add loan account in my profile?
The procedure to add any loan account which is not currently included in your profile is as follows: Click on Manage Loans. Your Loan account will be added to your profile. For new user registration, if the loan is having multiple applicants whose date of birth should be entered? You need to provide date of birth of Primary Applicant.
What should I do for forgot password? Click on Forgot password. One time password will be sent to your registered mobile and email id.
Enter the code to verify account and submit. Now login with the credentials sent on email and mobile. Can I make EMI payment online?
If you are a registered in customer portal then online payment is available in case if you have missed the EMI due date.