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Home / Finance / Home Loan / Can We Cancel Home Loan After Disbursement?
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Can We Cancel Home Loan After Disbursement?

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0 2023-04-19T13:08:44+00:00
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My sister, Sarita, booked a flat in Bangalore and chose Kotak Mahindra Bank's home loan service. Everything was going as planned, until the point when she secured a better employment opportunity in the United States of America. Sarita changed her mind and decided to move to the USA. She also wanted to cancel the home loan after it had already been disbursed to her. It was during this time that she enquired with the bank personnel, about whether can we cancel home loan after disbursement?

Calculate your EMI on a home loan via the NoBroker EMI calculator What are the key steps of the home loan disbursement process?

The process of home loan disbursement mainly involves the following steps:

  • Submission of documents

  • Legal verification of documents

  • Down payment

  • Verification of property & documents

  • Home loan disbursement

Can I cancel my home loan after disbursement?

According to the Bank employees, there is no way by which one can cancel home loan after approval. It can only be revoked before the loan amount has been disbursed.

How to cancel a home loan when it’s partially disbursed?

I’d like to highlight that if the loan is partially disbursed, you can still contact your lender to halt all further payments and terminate the loan. You can pay off the debt using the money you've already been given. Loans are typically fully funded if you purchase a home that is ready to move into. Loans are partially disbursed if you purchase under-construction homes.

I’d like to conclude my answer here about whether can we cancel home loan after disbursement. I hope this helps:)

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