- Visit the bank branch where you obtained your home loan.
- Ask for the loan closure form when you speak with your bank representative.
- Give the representative the completed loan closing request form.
- Hold off till the bank confirms.
- Check the remaining loan sum that needs to be paid.
- Use a cheque, NEFT, IMPS, RTGS, or any other way to settle the outstanding balance.
- Finally, close your home loan account and request the NOC from your bank.
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
How to Foreclose LIC Housing Loan?
I strongly believe that home loan repayment lowers our loan's interest load. It lowers both the total amount owed and the interest that is accrued. As a result, we pay less interest overall for the length of the loan. Prepaying your home loan online is a great feature provided by LIC HFL. To understand the LIC HFL home loan foreclosure procedure, simply follow these steps: Step 1: Visit the official LIC HFL website, then select the 'Customer Login’ link located on the front page. Step 2: With your password and username, log in to your account. Step 3: Select the 'Loan Account Details' tab. Step 4: Select the 'Prepayment' tab and input the amount to be paid. Step 5: Select the payment method, such as debit card or net banking. Step 6: Use the chosen payment method to complete the transaction. Step 7: Following a successful payment, you'll get an email confirmation as well as a screen message confirming the transaction. This is how to foreclose LIC housing loan. Avail Doorstep Assistance For Your Home Loan With NoBroker Home Loan Service. Read More: How to Repay LIC HFL Home Loan?Your Feedback Matters! How was this Answer?
I was always aware that home loans can go on for a very long tenure. But when I took a home loan for my new home I got to know that the home loan can be extended to up to 15 to 20 years. If you ask me I would say a home loan is one of the best investment options. However, I also know that there are people who would not want to wait for 15 to 20 years to repay their loans because people consider loans as debts and they want to get rid of their debt as soon as possible. For that reason, banks have the option of foreclosure or preclosure of home loans. I will tell you the LICHFL loan closure procedure.
LIC home loan closure process
The process of pre-closure or foreclosure of a loan is when a long-term loan is paid off before the end of the tenure of the loan. If you are looking for an LIC housing loan closing procedure you should know that a foreclosure requires that you inform the bank that you wish to close the loan before the end of the tenure of the loan. You may have to give this in writing to your bank.
The IC housing loan closure procedure is as follows
The first step is to apply for a preclosure certificate from LICHFL.
After you receive the certificate in a few days you will have to issue a cheque in favour of LICHFL. Along with this cheque, you will also have to submit a request letter for the pre-closure of your loan to LICHFL.
If you have a fixed-rate home loan a prepayment penalty may be charged if you wish to pre-close your home loan. If the home loan rate interest is floating then you will not have to pay any prepayment penalty.
You make the payments for pre-closure of LICHFL home loan you will be provided with the original property documents Within 15 days.
Now you know LICHFL loan closure procedure.
Check out home loans through NoBroker, here. Read More: How to Pay LIC Loan Interest Online? How To Deposit Advance Partial Payment Of Lic HFL Loan Online Through Netbanking?Your Feedback Matters! How was this Answer?
Authors Of The Question
What's the Procedure to Foreclose a LIC HFL Loan?
Midhun
17079 Views
3
2 Year
2022-10-13T11:25:38+00:00 2024-04-24T23:54:53+00:00Comment
Share