If you are going to pay home loan before time, keep these things in mind; Will get relief from visiting banks
Home Loan Repayment: Before repaying the home loan, you must keep some things in mind. Foreclosure fees cannot be charged on home loans given floating interest rates. After closing the loan, you must take NOC from the bank. This is proof that the bank does not owe you anything.
People spend a large part of their income every month on home loans. For this reason, people want to close their home loans as soon as possible. While closing the home loan, people must keep some things in mind, about which we are going to tell in this article.
According to RBI rules, foreclosure fees cannot be charged on home loans given floating interest rates. If the loan is on a fixed interest rate, then the bank can charge you a foreclosure fee ranging from 4 to 5 percent.
If you want to close the loan, then first of all it is important for you to inform the bank about it in advance. For this, you can inform the bank through email or in writing.
After closing the loan, you must take NOC from the bank. This is proof that the bank does not owe you anything. The bank has no objection if you sell this property.
After completion of the loan, you should take all the original documents from the bank, which you had submitted while taking the loan from the bank. While taking original documents from the bank, make sure that all your documents are complete. Apart from this, after repaying the home loan, if you have any post-dated check deposited in the bank, it should be withdrawn.
