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amit   26 January 2016

Intimation period to avoid foreclosure charges

Dear Sir(s),

Q1. How many days before renewal should i inform bank of takeover of account by new bank to avoid foreclosure demand?

Q2. Does foreclosure applicable if same is not mentioned on last renewed SL?

In my case SL mentions MASTER FACILTY AGREEMENT APPLICABLE on standard charges and penalties coloumn. 


Your(s) kind advise would greatly help. 







 1 Replies

Prasun Chandra Das (Banker)     28 January 2016

Renewal of sanction involves a processing fee. If you do not accept the renewal sanction letter, no charges apply, or, charges apply as per last sanction letter and/or Master documents, etc. Foreclosure charges will be date of sanction/renewal to next date of sanction/renewal. If you mention the sanction letter dates and period of renewals, it would be easier to answer.

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