Q.Can I cancel home loan once it is sanctioned but not yet disbursed?
Sanjeev Sharma, Zirakpur
Home loan cancellations can occur for several reasons, including a change in financial circumstances, finding a better loan offer, and a borrower needs to follow specific procedures.
Receiving a sanction letter means your loan has been approved, but it doesn’t automatically mean the loan is disbursed. You can still cancel before disbursement.
Check the terms and conditions in your loan agreement regarding cancellation. There may be specific clauses that outline the process and any penalties involved.
Borrower can usually cancel a loan even after receiving the sanction letter, but it may involve costs. Contact your lender immediately to understand their cancellation process and any associated fees.
Each lender has its own policy on cancellation, so review the loan agreement or contact them for details.
If you have received money already then you must pay it back — the lender must give you 30 days to do this. If you haven’t signed the credit agreement already then you don’t owe anything. But before sending your acceptance, you must go through the entire document carefully and understand.
Submit a Written Request: Prepare a formal written request to cancel the loan. Include your loan application number, personal details, and a clear statement of your intention to cancel. Some lenders may require this for their records. It’s a good idea to follow up with the bank to ensure your cancellation request has been successfully processed and follow the bank’s instructions for submitting necessary documents.
If you are within the cooling-off period (a specific time frame after loan disbursement), you may be able to cancel the loan without penalty. Canceling a loan application may have a minor impact on your credit score.
Keep copies of all documents related to the loan cancellation process for your records.
Ensure that there are no further transactions related to the loan on your account.
Verify that your credit report reflects the cancellation if applicable.
Some common reasons for rejection of home loans
Rs 4 crore luxury home sale in Panchkula sets new benchmark
The Valley Gardens, a 175-acre township, has become one of the most sought-after addresses in the region, recording a 26.7% price appreciation, with rates rising from Rs 8,329 per sq. ft. at launch to Rs 10,556 per sq. ft. today.
“With an exceptional track record of appreciation, independent floors here have seen remarkable growth-a 1,750 sq. ft. 3 BHK that was priced at Rs 40 lakh in 2013 now commands up to Rs 1.90 crore, while a 2,450 sq. ft. 4 BHK has surged from Rs 65 lakh to Rs 2.5-2.6 crore,” said Brig Mahinder Singh, a DLF authorised channel partner.
Expanding on this success, The Valley Orchard, launched in December 2023, has already seen a 5.5% appreciation, further strengthening Panchkula’s reputation as a premium housing destination.
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