How to Close ICICI Home Loan?

Wondering about ICICI home loan closure procedure? Closing your ICICI Bank home loan in India involves several steps to ensure the process is completed smoothly. You can get the steps below. But, before that, clear your outstanding loan.

What is the ICICI Home Loan Closure Process?

Before initiating the closure process, contact ICICI Bank to get the exact outstanding loan balance. You can do this by visiting the branch, using the bank's online portal, or contacting customer care. This balance should include any remaining principal, interest, and any applicable prepayment charges.

Ensure you have the necessary funds to pay off the remaining loan amount. If you are pre-closing the loan, check for any prepayment penalties or charges. ICICI Bank usually does not charge prepayment fees for floating-rate home loans.

Here's a step-by-step guide on how to close ICICI home loan online:

• Visit your nearest ICICI Bank branch with your loan account number and identity proof. Request the foreclosure letter, which will provide the exact amount payable to close the loan.

• You can make the payment via cheque, demand draft, or online transfer. Ensure you receive a payment acknowledgment of receipt from the bank after completing the payment.

• After making the final payment, request the No Dues Certificate (NDC) from the bank. This document is proof that your home loan has been fully repaid, and there are no outstanding dues.

• ICICI Bank will return the original property documents, including the sale deed, title deed, and any other documents submitted at the time of loan disbursement. Ensure all documents are intact and in good condition.

If your property had a lien in favor of ICICI Bank, ensure the lien is removed from the registrar's office, making your property title clear. After closing the loan, check your credit report to ensure the loan closure is updated accurately and there are no discrepancies.

This is all about ICICI home loan closure procedure. 

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You should be careful while closing your home loan, just as when applying for one. I finished my ICICI Bank home loan last year, thus I can assist you with the ICICI home loan closure procedure. This involves paying off the total amount owed on the loan, obtaining an NDC (No Dues Certificate) or NOC (No Objection Certificate) from the bank, and and so on. Continue reading to learn the full process. 

ICICI Home Loan Closure Steps

The process of closing out a home loan involves more than just paying off your monthly installments. I followed the below steps to close my home loan from ICICI Bank:

• I first went to the closest branch of ICICI Bank.

• I carried the following documents with me.

  • Identity and address proof

  • Passbook, Loan statements, and account number

  • A demand draft or cheque (in case there is any balance due on the loan)

• Since it was a regular closure, I was not charged any penalty. You may be asked for further documentation by the bank representative.

• Subsequently, I received a closure form, which I accurately filled out.

• Finally, my home loan account was terminated by the bank official upon receipt of the document and form. I received an acknowledgment letter with the home loan clearing information in it.

As Malika Kashyap mentioned above, you must remember to obtain a properly signed NOC/NDC from your bank when the loan closes. Also, don't forget to take your original documents that were with the bank and get your credit record updated.

You can get into financial or legal problems with your bank or lender if you skip the above-mentioned loan closing process. However, I am not familiar with how to close ICICI home loan online. If you are looking for the same, you must reach out to ICICI Bank customer care.

I hope you get an idea of ICICI home loan closure procedure.

I know that the majority of people use house loans to fulfil their dream of home ownership. Honestly, I believe the actual happiness of your home ownership comes after the home loan has been fully repaid. But there are some procedures you need to follow to close the loan. Since you have asked about the closure procedure let me share with you how to close ICICI home loan in simple steps.

What is ICICI home loan closing procedure?

• A loan is closed on a regular basis when it gets close to the end of your loan term. 

• When your loan term is up, you must go to the closest branch of your bank, or if allowed, terminate the loan online. Bring the relevant documents with you.

• There are no fees or penalties for a standard closing. 

• The bank representative might quiz you briefly or demand additional paperwork. You will also receive a closure form, which you must accurately complete with all of your information.

• The bank representative will close the loan account after receiving the completed paperwork and supporting papers. 

• The information about the loan clearing will then be included in an acknowledgement slip or letter that you will get.

• This process will help you with the ICICI bank home loan closure procedure.

What things you will need for the closure of ICICI home loan?

1) Obtain NOC or NDC

Obtain a NOC (no objection) or no dues certificate (NDC). A NOC or NDC, which serves as evidence that you have paid all of your EMIs, is required once you have completed your loan. According to the NOC/NDC, the creditor has no legal claim to the documentation you provided when applying for the loan. These papers help you avoid any problems. Once you are done with the procedure for ICICI bank home loan closure, don't forget to get a NOC or NDC.

2) Maintain all of your original paperwork

The very first step in home loan closure ICICI bank is making sure you have all the required paperwork with you when you go to the bank. These documents consist of your Aadhaar card or PAN card as proof of identity or address. It also includes your loan account number, loan statements, and passbook. If there is any outstanding loan money, use a cheque or demand draft.

You are now aware of how to close ICICI home loan.