Home Loan foreclosure query

nRiTeCh said:
this current months balance days before my next months emi date?
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Let's say ur emi date is 1st.
U wanted to close the loan on 21st.
The bank will calculate till 21st only and their system will give the balance (principle and whatever interest got accumulated till 21st) on the spot when u approach them.
Since ur paying back whole principle on 21st itself, banks should not calculate the interest till 1st.
Seems like bank is passing time with ur queries, remember more time gets wasted, more interest u will pay.
U better confront them with the printed account and balance statements. If u have savings account in Kotak, give them the cheque to close the loan and they should do it instantly
 
Update.
As for Kotak, a request was raised towards foreclosure aka for obtaining foreclosure letter. And they take 12 days TAT for the same.
And yes they are going to levy some charges as its normal across banks so unsure how much its gonna be.

Once I receive the letter with the charges mentioned I have to pay via NEFT or Cheque.
 
So finally, after a few hurdles my loan got closed officially in the first week of june and completed all final formalities etc. just yesterday.
 
nRiTeCh said:
It differs from bank to bank it seems.
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Exactly.
Icici is like get in, get out of the bank in couple of minutes with loan closed. No charges, just principle and interest accrued till that date. U get original docs after one week.
Kotak in ur case seems elaborate process, also charges u talked in previous posts, so asked for details
 
frozenscotch said:
Exactly.
Icici is like get in, get out of the bank in couple of minutes with loan closed. No charges, just principle and interest accrued till that date. U get original docs after one week.
Kotak in ur case seems elaborate process, also charges u talked in previous posts, so asked for details
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Kotak is the shitiest and fraud bank in this world.
Third class procedure and what not.
Glad I parted with them just under 2 yrs only.

I would suggest to anyone better sell your kidneys or any organ and get a loan but never get it from Kotak.

I will someday create a full-fledged thread regarding this..
 
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