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A Housing Loan Cancellation Letter is a crucial document used in the Nigerian banking sector when a borrower wishes to formally terminate their housing loan agreement. This document is typically required when a borrower decides to fully repay their loan before the agreed term, refinance with another institution, or cancel the loan due to other circumstances. The letter must adhere to Nigerian banking regulations, particularly those set by the Central Bank of Nigeria, and should include specific details such as loan account numbers, property information, and the reason for cancellation. It serves as an official record of the cancellation request and helps protect both the borrower's and lender's interests by clearly documenting the intention to end the loan agreement. The document is particularly important in Nigeria's financial system where formal documentation of banking transactions is essential for legal and regulatory compliance.

1. Sender's Details: Full name, address, and contact information of the borrower

2. Date: Current date of the letter

3. Recipient's Details: Bank/lender's name, address, and department

4. Loan Reference Information: Loan account number, original loan amount, and date of loan agreement

5. Subject Line: Clear indication that this is a loan cancellation request

6. Cancellation Statement: Clear and unambiguous statement requesting the cancellation of the housing loan

7. Reason for Cancellation: Brief explanation of the circumstances leading to the cancellation request

8. Request for Confirmation: Request for written confirmation of the loan cancellation

9. Closing: Professional closing statement, signature, and full name