5 Things To Do After Closing A Home Loan

  Author: Naveen Kumar

Congratulations! You have paid the last equated monthly instalment (EMI) of your home loan. You must be heaving a sigh of relief that the monthly repayment obligation is over at last. But wait! Before you start celebrating, you need to take some important steps after the end of the last EMI. Just in case, you are wondering what they are, here are five steps you must take.

Get a no objection letter from the lender Get a No Objection Certificate (NOC) from the home loan provider stating that that you have cleared all housing loan dues.

Get back your property documents The home loan provider keeps the original property documents after registration and during the course of the home loan. Once the loan is closed, it’s time to get the original property documents back. You need to check if the documents are intact.

Get any lien on property removed Many times home loan providers get a lien marked in their favour in the office of registrar. This is to ensure that the property cannot be sold without clearing dues. Once you get NOC from the lender, approach the registrar to ensure that there is no lien and it is removed by producing the NOC.

Get the encumbrance certificate Encumbrance certificate shows all property-related transactions for the specified period. It works as evidence that the property is free from any monetary or legal liabilities. You need to get the encumbrance certificate.

Get a repayment track from the lender Get a certified copy of the repayment track from the lender. This shows the home loan repayment history of your home loan. Keep it safe along with property documents.

After completing these five steps, it’s time for a celebration. Your home is now legally your without any encumbrances.

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