Given below are the steps which we had followed while closing the Home Loan (Maxgain) @ SBI.
1. Book balance is the amount which you are owing to the bank, if you look at your online account.
2. Make sure, you have enough balance to pay off the loan in your savings account.(Extra interest amount needs to be anticipated while closing the loan).
3. Visit the bank on your preferred time (Even if there is a co-applicant for the loan, he/she is not mandatory at this stage).
4. Hand over the closure request letter. (Make sure you are carrying all the homeloan related documents and a cheque book of your savings - though it's not mandatory).
5. Bank officer will calculate the remaining amount and will transfer the amount from your savings bank account.
6. Once the loan is closed, the bank will provide you with a closure letter.
7. The closure letter need to be produced at the RACPC branch, where your original documents are present.
8. Generally, we can book for an appointment over the phone at the RACPC.
9. On the date of the appointment, visit the branch (with your co-applicant, if any). If the co-applicant cannot come for this, you need to get an authorization letter from the co-applicant.
10. Make sure, you are cancelling the further EMI deductions.
11. SBI officer will handover all the original documents of your property. All the applicants need to sign there. (Or hand over the authorization letter).
12. If the loan is more than 20 lacs, generally there will be a mortgage associated with it.
13. We need to cancel the mortgage. SBI will give a request for that.
14. Visit the registrar office with the mortgage cancellation request.
15. You may also need to get a fresh Encumbrance certificate issued for the property.
16. All the applicants are required to be present for this.
16. You may need couple of witnesses for signing this.
17. Pay the required fees and collect the required documents.
1. Book balance is the amount which you are owing to the bank, if you look at your online account.
2. Make sure, you have enough balance to pay off the loan in your savings account.(Extra interest amount needs to be anticipated while closing the loan).
3. Visit the bank on your preferred time (Even if there is a co-applicant for the loan, he/she is not mandatory at this stage).
4. Hand over the closure request letter. (Make sure you are carrying all the homeloan related documents and a cheque book of your savings - though it's not mandatory).
5. Bank officer will calculate the remaining amount and will transfer the amount from your savings bank account.
6. Once the loan is closed, the bank will provide you with a closure letter.
7. The closure letter need to be produced at the RACPC branch, where your original documents are present.
8. Generally, we can book for an appointment over the phone at the RACPC.
9. On the date of the appointment, visit the branch (with your co-applicant, if any). If the co-applicant cannot come for this, you need to get an authorization letter from the co-applicant.
10. Make sure, you are cancelling the further EMI deductions.
11. SBI officer will handover all the original documents of your property. All the applicants need to sign there. (Or hand over the authorization letter).
12. If the loan is more than 20 lacs, generally there will be a mortgage associated with it.
13. We need to cancel the mortgage. SBI will give a request for that.
14. Visit the registrar office with the mortgage cancellation request.
15. You may also need to get a fresh Encumbrance certificate issued for the property.
16. All the applicants are required to be present for this.
16. You may need couple of witnesses for signing this.
17. Pay the required fees and collect the required documents.
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