The home loan process is a bit lengthy and takes quite a while to get approved. Loan disbursement in simple words refers to the actual transfer of the amount from one bank account to another after all verification gets done. The bank/ financial institution/ lender will first verify your details and then approve the loans. Usually, within a month it gets done but there can be delays as well. The question most people pose is can you cancel the LIC home disbursement loan check? The answer is yes. Let me tell you how.
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Can you cancel the LIC home loan check?
Once you apply for a loan, the lender starts processing and verifying your details to approve it as early as they can. If you want to cancel it, do it within 120 days or 4 months. Note that once you cancel it, you will have to pay back the loan or amount you got. You won’t be charged anything if you do it within this duration but after that, I don't think you can cancel it. Even if you can, you will be charged for it.
How to cancel the LIC loan?Once you sign the disbursement document, your loan processing will start. If you want to stop it, you will have to write a letter to the Manager of that bank’s branch stating the reason.
However, do talk about these things with the bank officials first. There are some banks who will not cancel the application after the loan gets disbursed so be sure about it.
Hope this answers
can you cancel the LIC home disbursement loan check or not and how.
Read More:How much GST on home loan is applicable?
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Can You Cancel the LIC Home Disbursement Loan Check?
Tanisha
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2022-12-29T22:03:32+00:00 2022-12-29T22:03:33+00:00Comment
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