Can Customer Preclose Home Loan within 3 Months?

The loan number is a unique identifier assigned to your LIC Housing Finance (LIC HFL) home loan. It is essential for tracking payments, downloading statements, and making online transactions. Coming to your query, how to find loan number in LIC Housing? You can get it from the official website of LIC Housing Finance. I have shared the detailed process with you below.

How to Find LIC HFL Loan Number?

Here are a few techniques you can follow to find your loan number.

1. When LIC HFL sanctions a loan, they provide a loan sanction letter containing your loan account number. Look for the number on the first page of this document.

2. Your loan account number is shown on your loan statement or repayment schedule. You can find these documents in your registered email inbox if received digitally.

3. Visit the

   LIC Housing Finance official website

   . Click on Customer Login and select \"Registered Users.” Log in using your user ID and password. You can get your loan account number in your profile or loan summary.

4. Call LIC HFL Customer Care at +91-22-6827-6827 (available to working days). Provide details like registered mobile number, PAN, or loan details to retrieve your loan number.

5. Carry your identity proof (PAN/Aadhaar) and loan-related documents. Request the loan number from the branch representative.

I hope you found this helpful.

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How to Pay LIC Loan Interest Online

Here’s how to check ICICI home loan account online. ICICI Bank provides multiple online methods to check your home loan account details, including balance, EMI schedule, and statements. For instance, to know how to check ICICI home loan account online, you can visit the ICICI Net Banking portal. Log in using your User ID and Password. Click on the \"Loans\" section. Select your home loan account to view loan details like outstanding balance, EMI schedule, and repayment status.

How to Check ICICI Home Loan Account Online?

As I already mentioned, you can check the loan account by visiting the official website:

. However, apart from this, 

1. You can also download and open the iMobile Pay App. Log in using your MPIN or Fingerprint Authentication. Tap on \"Loans\" → Select \"Home Loan\". Check loan balance, EMI due date, and transaction history.

2. Send “LOAN” to 5676766 from your registered mobile number to receive loan details via SMS or call 1860 120 7777 and provide your loan details to get assistance.

Use Net Banking, iMobile Pay, or ICICI Loan Portal for quick access. Send an SMS or call customer care for instant loan information. Always ensure your mobile number is registered with ICICI to receive OTPs.

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What are the Documents Required for Home Loan in ICICI Bank? 

Hi! So, the prepayment rules may differ from bank to bank, but ‌there are some factors to consider when you decide to preclose your home loan. I availed a home loan from HDFC bank years ago, and just like you, wanted to preclose the loan within 3 months. I didn’t know whether it was possible or if there were any rules behind this. Hence, I asked the bank, can customer preclose home loan within 3 months, and here’s what they told me.

Can a Customer Preclose a Home Loan within 3 Months?

I learned that before prepaying your home loan, you must consider your cash needs for goals and emergencies. You can actually preclose your loan but there are certain downsides too. 

You may have to pay some prepayment charges and lose tax benefits as well. Here are some factors you should know before deciding whether to close your loan.

1. Funding needs: So, before deciding to prepay your loan, make sure you have enough funds for your financial goals and emergencies like marriage, medical expenses, travelling, etc.

2. Tax Deductions: Another thing I learned was the possibility of being exempted from tax benefits. This means that if you preclose your loan, you can claim tax exemption of up to Rs. 1.5 lakhs per financial year on repayment of the principal home loan amount.

3. Stage of the Loan: One benefit of prepayment is the reduction in the interest outflow. The interest component in the EMI is highest during the initial stage of the loan. So, preclosing the loan in the mid to late stage may not be helpful to you as much as in the initial stage. 

There are a few factors you must analyse before finalising whether you want to preclose the loan. I hope this will help you decide.

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