Personal loan closure

[manishtaneja90]

Hi,

I applied for home loan but some default at a builder level ICiCi had not approved my home loan and unfortunately I had to take personal loan where 12 months locking period is for pre closure of loan. But now sale deeds is executed for the property and I can take Loan against property and which is equivalent to home loan slightly higher but much lower than personal. Can I request bank for closure of personal loan and issue of LAP

 

[RkrRkr is verified member.]

Hi,

I applied for home loan but some default at a builder level ICiCi had not approved my home loan and unfortunately I had to take personal loan where 12 months locking period is for pre closure of loan. But now sale deeds is executed for the property and I can take Loan against property and which is equivalent to home loan slightly higher but much lower than personal. Can I request bank for closure of personal loan and issue of LAP

Whether it is genuine or not, but just transfer the amount in your loan account leaving the next emi due amount. Like if you have 15k due in your loan amount and next emi due amount is 1.5k then just transfer the 13.5k in loan amount and let the next emi be auto debited and there after system automatically closed your loan as fully paid.

Note-One bank employee suggested me this way back to save the pre closure charges but i have not testsed it.Do As per your discretions only.

 

[manishtaneja90]

Whether it is genuine or not, but just transfer the amount in your loan account leaving the next emi due amount. Like if you have 15k due in your loan amount and next emi due amount is 1.5k then just transfer the 13.5k in loan amount and let the next emi be auto debited and there after system automatically closed your loan as fully paid.

Note-One bank employee suggested me this way back to save the pre closure charges but i have not testsed it.Do As per your discretions only.

Personal loan is having 4% preclosure charges. I don’t think it will work

 

[RkrRkr is verified member.]

Personal loan is having 4% preclosure charges. I don’t think it will work

Preclosure only happens once you will approach branch and they will close from there side...

 

[manishtaneja90]

They are stating that charges will be applicable but I want to close this loan against a property loan

 

[RkrRkr is verified member.]

They are stating that charges will be applicable but I want to close this loan against a property loan

If you know anyone personally from your bank then ask from them.They will guide you better on this ..

 

[manishtaneja90]

If you know anyone personally from your bank then ask from them.They will guide you better on this ..

Will try that but if someone has prior experience and help here