Kagaznama

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Request for a Foreclosure and Balance Transfer Quote

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  1. You and your lender
  2. The loan
  3. The foreclosure figures wanted
  4. Reply, delivery and signing

Step 1 of 4

You and your lender

For example: Rajesh Kumar Menon

Your address for correspondenceNeeded

A number somebody can be reached on. Ten digits is the usual Indian form, and a country code in front of it is fine if you want it there.

For example: +91 XXXXX XXXXX

An email address somebody actually reads. Notices under a document like this can be sent to it, so a working one matters more than a tidy one.

For example: rajesh.menon@example.com

For example: LIC Housing Finance Limited

Branch or loan servicing office and its addressNeeded
More details — you may leave these

For example: CIF 004521887

For example: Anita Menon

An email address somebody actually reads. Notices under a document like this can be sent to it, so a working one matters more than a tidy one.

For example: loanservice@examplebank.com

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__________
__________
Mobile: __________
Email: __________

To
The Branch Manager / The Loan Servicing Officer
__________
__________

Dear Sir / Madam,

  1. 1. My loan account details are as follows.

THE FORECLOSURE STATEMENT

3.4 Every other amount you propose to recover, each shown separately, and for each one: (a) the head under which it is claimed; (b) the amount; (c) the clause of my loan agreement or the entry in the Key Facts Statement or sanction letter under which it is claimed; and (d) the Goods and Services Tax on it, shown separately.

3.5 Any amount lying to my credit that must be set off, including instalments paid in advance, amounts held in suspense, and any refund due to me on insurance or other add-on products that were funded out of this loan.

3.6 The total amount payable, and the date up to which that total holds good — that is, the validity date of the quote.

3.7 The exact mode of payment you will accept and the full beneficiary details, including the account number and IFSC if payment is to be made by NEFT or RTGS.

  1. 4. If the statement includes any penal charge, please show it as a charge and not as penal interest added to the rate of interest, and please confirm that no further interest has been computed on it. That is what the Reserve Bank of India's circular "Fair Lending Practice - Penal Charges in Loan Accounts" dated 18 August 2023 requires.
  1. 5. Please also confirm that every charge appearing in the statement was disclosed to me in advance. Under the Reserve Bank of India's circular "Key Facts Statement (KFS) for Loans & Advances" dated 15 April 2024, which applies to retail and micro and small enterprise term loans sanctioned on or after 1 October 2024, charges not mentioned in the Key Facts Statement cannot be levied at any stage during the term of the loan without my explicit consent. If any charge in the statement was not disclosed to me in the Key Facts Statement or in the sanction letter, please identify it and state the basis on which you claim it.

FORECLOSURE AND PRE-PAYMENT CHARGES

THE LIST OF DOCUMENTS YOU HOLD

  1. 8. Separately from the foreclosure statement, and in the same reply, please give me a complete list of every document you hold in connection with this loan. For each document, please show (a) its description, (b) whether you hold the original or a copy, and (c) the office at which it is physically held.

8.2 I need this list now, before payment, and not on the day of closure. My new lender will ask for it before it releases its sanction, and a delay in giving it to me delays the entire transaction.

8.3 Please also confirm the office from which the original documents will be released to me after payment, and the date by which they will be released. Under the Reserve Bank of India's circular "Release of Movable / Immovable Property Documents on Repayment/ Settlement of Personal Loans" dated 13 September 2023, a regulated entity must release all original movable and immovable property documents and remove any charge registered with any registry within 30 days of full repayment or settlement, and where the delay beyond that period is attributable to the lender, it must compensate the borrower at the rate of Rs. 5,000 for each day of delay. That circular applies to releases made on or after 1 December 2023, and to personal loans as the Reserve Bank defines that term, which covers consumer credit, education loans, loans for creating or improving immovable property such as a housing loan, and loans for investment in financial assets.

WHAT YOU WILL ISSUE AFTER PAYMENT

  1. 9. Along with the statement, please confirm what you will issue once the payment is received and cleared, and by when:

9.1 a no-dues certificate or no-objection certificate for this loan account;

9.2 a statement of account covering the full life of the loan;

9.3 the original documents listed under paragraph 8, released at the office you name;

9.4 the steps you will take to remove your charge from every register in which it is recorded — including the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) and, as applicable, the records of the Sub-Registrar, the Registrar of Companies or the Regional Transport Office — and the date by which each step will be completed;

9.5 the cancellation of every standing instruction, NACH mandate, ECS mandate and post-dated cheque linked to this account, and the return of the cheques to me;

9.6 the date by which you will report this account to all credit information companies as closed, with a nil outstanding balance.

REPLY AND ESCALATION

DELIVERY AND PROOF

  1. 13. Nothing in this letter is an admission of any amount you may claim, and nothing in it waives any objection I may take to any charge appearing in the statement. Asking for a statement does not by itself commit me to close the account on any particular date.

Yours faithfully,

_______________________________
__________
Borrower
Mobile: __________
Email: __________

The rest stays out of view until every answer is in.

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