How do I close SBI Maxgain Home loan?
How do I close SBI Maxgain Home loan?
Following are the steps which I followed in Bangalore. However, I believe, they would be the similar across the country.
Clear your home loan by transferring the remaining dues.
Check your last months ‘calculated interest’ and maintain roughly the same amount in your saving account from which your monthly EMI gets deducted.
Search on google for the email id of your sbi bank branch. It would be something like sbi.xxyyzz@sbi.co.in. Where xxyyzz are numerics.
Send a mail to the above address and also to contactcentre@sbi.co.in, saying ‘you would like to close your home loan account A/c no … and please debit any outstanding amount from your savings account A/c no … .’
Within few hours you would get a reply asking you to visit your branch for the same.
Write a (handwritten) letter to you bank same as point 4 above and meet the bank executive who deals with closing home loan. Do carry your aadhar card.
The bank executive will calculate your interest for that month and would deduct it from your savings account.
After that he/she would cancel your ‘standing instruction’ from your loan account and saving account. This would stop auto debiting EMI from your saving account to your OD account.
Once point 8 is done, you would get a sms from the bank saying SI has been cancelled.
Now the bank will give you a letter saying that your loan account is closed and also asking you to collect your original documents from the branch where they are stored. (In case of SBI its the RACPC branch).
Visit the SBI RACPC branch along with
Letter received at point 10.
Aadhar card
Check list, which the bank would have given you at the time of submitting your original document.
Collect your document from SBI RACPC branch and check each document and also each page against your checklist. See if anything is missing.
SBI RACPC branch will ask you to sigh on an acknowledgement letter and will give you a letter named ‘Registration of Reconveyance Deed’.
This letter technically means that you have cleared your mortgage and now your property which was registered as belonging to the bank in the BDA records, can now be transferred to you.
BDA = Bangalore Development Authority. Every city has a local housing development body.
Visit BDA along with this letter and your Aadhar card. This should be the same BDA were the SALE DEED was prepared.
BDA will ask you pay Stamp Duty fees (Rs 200), Fees (Rs 200) and Documentation Charges (Rs 201) at the counter and get the challan.
Take this challan and visit the counter were the ‘Reconveyance Deed’ is prepared.
The deed is prepared on the basis of point 12 above and reads that you have closed your loan with the bank and the original documents are in your safe custody.
NOTE : You would need 2 witnesses to sign the Reconveyance Deed, you can request someone in the BDA office.
Take the print out of the Reconveyance Deed from this counter and your fees paid challan to the counter which stamps and signs this Deed.
Take the stamped and signed deed to the counter where it gets scanned.
After scanning, collect an acknowledgment slip saying that your deed has been scanned for government records.
Take this acknowledgment slip to a counter and submit it who would then handover your Reconveyance Deed back to you.
That’s it. Your property now belongs to you. Cheers.
Comments
Post a Comment