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Loan Cancellation Process: How to Cancel a Sanctioned Loan


29-May-2024 (In Recovery Law)
Hi. My question is that I got a loan sanctioned by a bank for a property loan transfer. But when I went to the bank where my property loan was, they were ready to give me a lower interest rate for my existing home loan with them. Now the problem is, how do I cancel the home loan approved by the later bank? They have all my signed documents like cheque, agreement, etc., but the loan has not yet been transferred. Please advise.
Answers (1)

Answer #1
545 votes
Transferred is not the correct term. The correct term is disbursed. You may make a representation to the bank to stop the disbursement and to cancel the loan agreement. The bank will charge somewhat for that.
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