5 things you need to do after you close your home loan and make your home truly your own.
Hello and welcome to FundooMoney, your 24X7 buddy for all your money matters! Shortly, we will provide 5 steps you need to take after your home loan gets over. So, stay with us.
When you close a home loan, you need to take the following 5 steps:
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 during the course of the home loan. Now, it’s time to get the original property documents back. Check if the documents are intact.
Make sure any lien on the property is removed
Many times lenders get a lien marked in their favour in the office of registrar so 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, if it is still there.
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.
Obtain 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.
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