Uthuman hameed from Madurai said :

Hi,I had taken a SBI home loan (8%) to buy a old house [Purchase Outright] at Madurai, Tamilnadu.Due to the lack of procedures/transparency & improper guidance from SBI loan dept officers, I ve decided to close this loan ASAP.Its been more than 2 moths, they didnt start EMI for my loan but there is a partial interest added to my loan account for the amount they have given to my seller who sold his property to me.There is a pending amount with them which should come to me. Due to property registration and mortgage registrations, the EMI creation is still pending from SBI side. Due to this pending, the balance amount which I should get is deducted as PART INTEREST. I dont know why I ve to suffer when they didnt complete the EMI creation.Fact is no one from the bank officers didnt inform about these procedures which is a time consuming one and it requires another personal loan to complete these procedures as its all related ot Govt offices [Registrations].Now I really want to know, whether or not I can close my loan with out any charges.what is the procedure to close the loan.Any informations on this will be highly appreciated.