One time settlement of hsg loan of hdfc

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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2012 I want to know the benefits of one time settlement of hsg loan as per RBI norms if the matter is in the court, procedure & is it applicable to HDFC or only to Nationalised Banks? I was told that I have to pay only principle amount of the loan taken by me. Is it so? Pl advice.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 January 2012 Please refer the terms and conditions of your loan agreement.
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For any modification contact the nearest office of the lending institution.
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Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2012 Thanks a lot.I had been to HDFC for inquiry personally but the staff is not at all co-operative.In that case what should I do to know RBI norms for One time settlement of hsg loan? please advice.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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09 August 2024 One-Time Settlement (OTS) is a process where a borrower settles their housing loan by paying a lump sum, usually less than the total outstanding amount. OTS benefits include a reduction in outstanding amount, financial relief, avoidance of legal action, improvement in credit profile, and debt closure. The OTS process involves eligibility checks, application, negotiation, documentation, settlement agreement, payment, and loan closure. It is applicable to both nationalized and private banks but follows different policies. RBI guidelines are primarily directed towards nationalized banks, while private banks may have specific policies. If staff are uncooperative, escalate the matter to higher management or the bank's grievance redressal mechanism.

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