Time Norms
Turnaround Time for Common Transactions:
| S. No. | Type of Transaction | Timeline | |||
|---|---|---|---|---|---|
| 1 | Loan account statement | 15 days from date of placing request | |||
| 2 | Photocopy of the title document | 7 days from date of placing request | |||
| 3 | List of documents | 15 days from date of placing request | |||
| 4 | Outstanding Letter | 15 days from date of placing request | |||
| 5 | Return of original title documents | 30 days from date of closure of loan | |||
| Note: HomeFirst will not accept any pre-payment (part or full) after 20th of the month due to system calculation of EMI dues. All part payments received after 20th of the month will be considered in the subsequent month for issuance of a fresh foreclosure letter for the same month.For more details, please refer to the process shared for loan foreclosure request. | |||||
Process for Loan Foreclosure Request
Foreclosure through Own Source of Funds
If you wish to close your loan using funds arranged from your own sources, please follow the steps outlined below:
- At the time of applying for a Loan Foreclosure Letter (i.e., outstanding letter/No Dues letter), customers are required to provide documents confirming availability of funds for loan closure. Acceptable documents include a recent bank statement showing adequate balance, a copy of the sale agreement where repayment is proposed from sale proceeds, or any other relevant document evidencing availability of own funds.
- The supporting documents referred to above shall be submitted along with the Foreclosure Letter request and payment of the applicable request fee, as prescribed in the MITC. Where the customer is unable to submit the documents at the time of making the request, the same may be furnished separately, subject to submission within 7 days from the date of the request.
- Upon receipt of the request, prescribed fee, and required documents, HomeFirst’s Centralised Service Team & Branch Team will review the request. The team may contact the customer if any clarification or additional information is required.
- The Loan Foreclosure Letter will be issued within 15 days from the date of submission of request along with the requisite fee
- If the required supporting documents are not submitted within 15 days of the request (as mentioned in point no. 1 above), HomeFirst reserves the right to close the request without issuing Foreclosure Letter.
Foreclosure through Balance Transfer to Another Bank / Financial Institution
Where a customer intends to foreclose the loan by transferring the outstanding balance to another bank or financial institution, the following process shall be followed:
- When requesting a Foreclosure Letter, customers are required to share details of the loan offered by the new lender. This includes the name of the bank/NBFC/HFC, key terms of the loan being offered, and the reason for requesting a balance transfer.
- These details must be submitted at the time of making the Foreclosure Letter request, along with payment of the applicable request fee as mentioned in the MITC.
- Upon receipt of the request, prescribed fee and supporting details, the HomeFirst’s Centralised Service Team & Branch Team shall review the request and may engage with the customer to assess and see if HomeFirst can offer something more beneficial to the customer.
- Where HomeFirst is unable to extend improved terms acceptable to the customer, the request for foreclosure shall be processed and the Foreclosure Letter shall be issued to the customer. The entire process shall be completed within a maximum period of 15 days from the date of receipt of the request along with the applicable fee.
- In the event the customer does not submit the required details (as referred to in point 1 above) within 15 days from the date of request, HomeFirst reserves the right to close the request without issuing the Foreclosure Letter.
