Is the credit moratorium over, but the money crisis persists? Reduce EMI, reset tenure

I am overseas with no plans to visit India until the end of 2022. Can I prepay my entire home loan amount online and ask the bank to send me the property papers by courier?

  • Sachin Gupta
    Yes, it is possible to repay your loan without actually visiting the branch. However, check with them to see if they are willing to send you the original documents via secure mail. In practice, I would not recommend sending your original papers by post / courier. If possible, give a friend / relative you trust a power of attorney to collect the papers and loan completion letter from the bank on your behalf. An alternative solution would be to repay the majority of the loan now, just leave a small amount outstanding, and reduce your EMI. Then when you come to India in 2022, close the loan account yourself and collect the papers from the bank. This way you reduce your interest burden and do not endanger your original ownership documents.

After paying out the loan amounts twice, Indiabulls Housing Finance does not pay my loan to the developer. The claim this time is for Rs 8 lakh and another Rs 5 lakh must be paid at the time of possession. What should I do?

  • Ashwini Singhal
    First find out why Indiabulls Housing Finance is not paying your installments. Has your margin money not yet been paid? Haven’t you cleared your pre-EMI? Is the sub-court of property for any reason? Has the builder been blacklisted? Once you know the reason, you can find a solution to it.

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