The main consumer rights that the Consumer Credit Act provides for British consumers:
However the problem was that he was outside India and bank wanted him to visit in person to pre-pay the home loan. The other way was to go through a Power of Attorney route which is extremely lengthy process.
So Rahul was really stuck, however Manu appeared and shared that he has been pre-paying his home loan by adding his LOAN account as third-party account and then doing a normal NEFT transfer.
One big reason why you should connect your loan account for prepaying your home loan or other kind of loans is because at times we get some spare cash in our life through bonus or some other reason but because prepayment needs some effort and physically going to bank takes away our excitement and all that money finds its way to some other expenses which could have been avoided.
I was aware of this trick earlier but really wanted some more confirmations from other readers before writing it and now I have got 3 confirmations from different readers that a LOAN account can be added as third-party account in your online banking account and you can do a NEFT transfer to your loan account.
In the last few months I have paid off a substantial chunk online without visiting the bank — in fact they themselves suggested this option.
You would have added their account in third-party transfer section. Same applies to loan account. I have online access to the loan account and part-paying is simply initiating a neft transfer from any of my saving accounts to this loan account. It has been very convenient so far.
Since its online, i can see the outstanding principal amount i have on any given day. Initailly it was paid through post-dated cheque. Steps of adding your Loan Account to your online Banking account 1.
Make sure you have internet banking enabled and the branch where you hold the loan account also accepts the online payments mostly this is always true 2.
Just like you add a third-party accountin the same manner add your loan account as third-party account so that you can make the NEFT payment later.
Once the account gets addedyou should be able to see it as one of the added accounts 3. Once the account gets added, you can then make the payments to your loan accountit would be considered as your pre-payment. It might happen that this does not work in some banks.
But we have seen 3 confirmations from different readers for 3 different banksso mostly this should work on all the banks. If you have bank account and loan account in same bankit should be more easy process of just linking the accounts, ask your bank on this to guide you.
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you paid the cheque in at HSBC outside the UK you paid the cheque into a current or savings account outside the UK you paid a cheque in or it is drawn on branches in the Channel Islands or the Isle of Man.