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Mobikwik Rocks (N/A)     21 August 2013

Simple interest on homeloan closure cancellation deed

I have a Home Loan with HDFC Ltd on a new flat in Pune for the last year and half. Due to unforeseen circumstances, I will have to make a cancellation deed for the property and close the Home loan as well.

Can someone help me with the following:

  1. Will there be any prepayment charges for closure of loan?
  2. For any regular prepayments, HDFC charges a simple interest on the principle. However, in case of a cancellation deed, I will be getting refund of the flat charges from the Builder which I will be using to close the loan. Will they ask me to pay simple interest on that amount even if I have not earned any interest on it (because it was not in my account)?

Thanking in advance to all of you.



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