To close your home loan early in India, you must first determine whether your lender allows prepayment and foreclosure. If permitted, you may make a partial or full lump sum payment towards the outstanding principal amount. You may be required to pay a prepayment penalty, which varies depending on the lender and loan type. Following payment, request a foreclosure letter from the lender and make certain that all property documents are returned. When the foreclosure is finished, make sure the lien on the property is removed and obtain a no-dues certificate from the lender.
