3 Essential Things for Home Loan
Home loans have made the home buying easy and every loan borrower wants to get rid of the loan as soon as possible. When you buy a property by taking a loan the paper of the property is kept with the bank till the time you complete your loan amount. 3 Essential Things for Home Loan
When paying off your last EMI that does not mean that you are done with everything. There are other formalities associated with it that must be complete to be free from all liabilities.
Some of the things that are very essential to do after you close your home loan with the final and the last payment of EMI. Read the below-given points to take note of those important points.
1. Check Thoroughly And Take The Papers From Bank
Once the loan is disbursed, the bank from where you took the look takes all the original documents associated with the property in its custody. There is a proper list of all documents that are submitted with the bank. So, once you pay the final EMI and closure of your loan take that list and visit the bank to get the papers.
Make a note of it that you check the papers thoroughly and take the papers from the bank before leaving. Once you sign the acknowledgment, no further claims or changes can be made.
2. Obtain a No-Objection Certificate
A NOC (No objection Certificate) is released from the bank that clarifies that you have clear dues or zero outstanding on your loan.
NOC is a legal formality that makes you free from all the legalities and states that you have repaid the entire loan amount and nothing is left. It is suggested to visit the bank and collect this document personally so as to avoid all chances of losing the paper.
3. Get An Encumbrance Certificate
The encumbrance certificate is issued by the local authorities that states that now the property is free from all types of liabilities and debts. And no other person can claim his/her rights over the property. Hence, this particular document makes you the legal and sole owner of the Real Estate property. Thus, do not forget to get this certificate.
These above mentioned are very important points that are needed to be kept in mind for every home loan borrower. These will help you to avoid any risk after the loan closure that can take away your property. This blog will make you aware of all the necessities that should be done once you close your loan. Hope, this blog reading was worth your time.