need clarity on clearing entire home loan repayment before entire loan tenure

[hemanthbn]

Hello Family,
I have a home loan from Canara bank for 48 lakhs and paying it without fail from past 4 years , I bought this loan to buy some old house property, and my home loan is at floating ROI and currently 9.35%, and tenure is 20 years, but I am selling that house now since I got a buyer , so now how to approach bank on clearing the entire loan at one shot , and also would they create any problem and try to put some unknown charges or anything

And also, after settling entire loan, I hope they should not delay in giving us back all the original documents of the property right

 

[TaxWiser]

Hello Family,
I have a home loan from Canara bank for 48 lakhs and paying it without fail from past 4 years , I bought this loan to buy some old house property, and my home loan is at floating ROI and currently 9.35%, and tenure is 20 years, but I am selling that house now since I got a buyer , so now how to approach bank on clearing the entire loan at one shot , and also would they create any problem and try to put some unknown charges or anything

And also, after settling entire loan, I hope they should not delay in giving us back all the original documents of the property right

Hey there, responsible homeowner!

First off, kudos on being the diligent loan warrior! Paying off that home loan like a boss! Now, let's tackle this pre-closure situation with the finesse of a ninja.

1. Bank Visit Drama:

• Picture this: You walk into the bank, sunglasses on (because why not?), and say, "I'm here to drop some financial fireworks!"
• Hand over that cheque like a secret agent passing classified intel. (In your case, you’ve been paying EMIs for 4 years, and your outstanding loan is ₹48 lakhs. To pre-close, you can write a cheque for this amount to clear the dues in one shot)

2. Charges Alert!:

• Banks might sneak in a pre-closure fee. But fear not! Ask them, "Is this a 'buy one, get one free' situation?"
• If they try to pull a fast one, channel your inner detective: "Show me the fine print!" (Request a breakup of any charges they apply. Transparency is crucial regarding unknown charges, banks are legally bound to disclose all fees upfront. Keep records of all communication with the bank.)

3. Property Docs Tango:

• After settling the score, demand your property documents like a boss.
• If they hesitate, unleash your secret weapon: "I've got a pen, and I'm not afraid to use it!"
• Get that NOC and lien removal letter. It's like getting a golden ticket to financial freedom! These documents prove that the property is free from any encumbrances due to the loan.

4. Exit Strategy:

• As you leave, wink at the bank manager and say, "Thanks for the memories, but I'm off to new adventures!"
• And remember, you're not just closing a loan; you're opening a door to possibilities!

Stay fabulous, finance guru! And may your credit score be as high as your dreams!

P.S. If the bank tries to charge you for reading this message, tell 'em it's a "knowledge tax."

 

[zacobite]

Hello Family,
I have a home loan from Canara bank for 48 lakhs and paying it without fail from past 4 years , I bought this loan to buy some old house property, and my home loan is at floating ROI and currently 9.35%, and tenure is 20 years, but I am selling that house now since I got a buyer , so now how to approach bank on clearing the entire loan at one shot , and also would they create any problem and try to put some unknown charges or anything

And also, after settling entire loan, I hope they should not delay in giving us back all the original documents of the property right

no issues. pay off.. no preclosure chgs applicable for floating rate loans.. shd be fine.. good luck