Foreclosure Request

You can conveniently place a foreclosure request through HDFC Bank MyLoans, eliminating the need to visit a branch. The process is simple, quick, and can be completed online in just a few steps. This ensures a seamless and hassle-free experience while managing your loan closure.

Raise Request Online

How to Foreclose Your Loan via MyLoans?

  • You can conveniently raise a Foreclosure Request by following these steps: 
      • Open MyLoans and enter your registered mobile number and CAPTCHA.
      • Enter the OTP received on your registered mobile number.
      • Select the relevant loan account from the list.
      • Select your Email ID and City and the relevant Branch from the dropdown list.
      • Navigate to Service Requests > Foreclosure Request.
      • Select the reason for foreclosure from the available options.
      • Choose your preferred payment mode from the available options: Online or Cheque/Demand Draft.
      • You may also explore and select relevant Products & Services, if required.
      • Submit the declaration to proceed.
      • A Service Request (SR) number will be generated.
      • To proceed with the foreclosure payment, click “Click here” on the portal.
      • Complete the payment using NetBanking, Debit Card or UPI.
      • Please Note:
      • The payment link is valid for 5 days.
      • The foreclosure request will be processed within 2 working days after the payment is successfully received.

Understanding Loan Foreclosure

It is a facility that lets you repay your remaining loan balance in one go, including any applicable foreclosure charges. Once processed, your loan account is closed, and you are no longer liable for future EMIs.

Better Credit Profile

Timely foreclosure can positively impact your creditworthiness

Peace of Mind:

No ongoing liability or repayment stress 

Save on Interest:

Reduce the total interest outflow by closing the loan early 

Improved Cash Flow

Free up your monthly income by eliminating EMIs 

Debt-Free Sooner:

Achieve financial freedom without waiting for the full tenure 

Note: Foreclosure charges and terms may vary based on the loan type.

Frequently Asked Questions  

Go to MyLoans → Select Service Request → Foreclosure Request, choose a reason, select a payment mode, and submit the request.

Customers can choose:
 

  • Online Payment, or 

  • Cheque/Demand Draft 

Online payment options include: 
 

  • Net Banking 

  • Debit Card 

  • UPI 

If Cheque/DD is selected: 
The customer must visit the nearest branch to complete the foreclosure process.

  • The payment link is valid for 5 days from the date of generation. 

  • Customers receive the payment link via SMS. 

  • The link is updated with the latest foreclosure amount, including daily interest. 

A new Foreclosure Request must be raised to receive a fresh payment link.

Processing takes 2 working days once the payment is successfully received.

Once your foreclosure payment is successfully processed:
 

  • Your loan account is closed. 

  • Auto-debit instructions are cancelled. 

  • A No Objection Certificate (NOC)/No Due Certificate/Closure Letter is issued within 10 days of loan closure.