What are the paid-up bond cancellation fees

When your home loan is finally paid up, the title deed does not automatically get issued to you; you first have to cancel the home loan with the bank.

Fortunately, a bank does not charge fees for cancelling a bond that is paid up.

However, they will assign a cancellation attorney to cancel the bond, and you will have to pay the attorney’s fees.

Paid-up bond cancellation process:

• The bank appoints an attorney to cancel the bond, which can take up to three months.
• You pay a bond cancellation fee to the attorney.
• Once the fees are paid, you will receive the title deed to your home.