Question:
I had taken a home loan 15 years ago. I am planning to
Pre closure the loan. Which documents I get from the lender?
Answer:
When the Home Loan was taken 15 years back, the bank or /
Housing Finance company (HFC) would have given a receipt for the various
documents taken by them from the home loan borrower.Take this document with him
to the Bank or / HFC.
Check with the Bank / HFC for the outstanding principal on the
Housing loan account & get the repayment loan statement. Re-confirm the
amount due with the actual amounts paid as per the client pass book.
Check whether the loan repaying statement has any pre -
closure charges in the calculation. If so, please tell the Bank / HFC that as
per Reserve Bank (RBI) rules there is no
pre - closure charges are payable on Housing loan Pre - closure.
Check for any overdue & cheque bounce charges in the
calculation go amount due. Satisfy if they are genuine delay charges or / bounce charges.
Take a Demand Draft (DD)
for the amount due & ask them when they will release the original
documents. Depending on the Bank / HFC the time taken to give the documents may
take anywhere between a 10 days to 15 days to get.
On submission of the DD get a No - due certificate from
the Bank / HFC for all your loan accounts.
On the date told carry the no - due certificate and go
personally to the Bank / HFC office & collect the documents. When collecting
the documents verify the documents with list of documents acknowledgement given by the Bank / HFC when
the home loan was taken & satisfy that all the documents are as per the
list. Acknowledge that you have recived the originals to the Bank / HFC.
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