Things to remember during foreclosure of loan???

POSTED BY Vineeth Govind ON February 4, 2013 4:13 pm COMMENTS (2)

hi,

i have a personal loan in my name which was taken from HDFC, a year back..it was a 3 year loan, but i can foreclose it. If i close it now, i can save 8000. can anyone tell me the things to remember while foreclosure of personal loan?? my address associated with the loan is different from where i stay now. will that make any issue??  will they send the loan closure docs online??? anyone foreclosed hdfc loan here??please guide me

2 replies on this article “Things to remember during foreclosure of loan???”

  1. Credexpert says:

    Dear Mr. Govind,

    The address will not make an issue in the foreclosure process. Check for the prepayment penalty before you foreclose the loan.

    Regards,
    Credexpert

  2. Dear Vineet, please contact local HDFC bank branch to foreclose the loan. Please do check for prepayment penalty also. You may demand a No Due certificate then & there. Apart from this NDC, I do not see any other documentation is required in case of a PL closure, unless you had opted for a secured PL.

    Thanks

    Ashal

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