Remember these 5 things after the Home Loan EMI is over, otherwise you will be in trouble
Home Loan Closure Tips: Getting your dream home is a dream these days. It is difficult for a salaried person to buy a house due to rising property prices. So, to fulfill your dream, apply for a home loan from a bank or any financial company. Thereafter, one repays the loan by paying monthly EMIs over the years. But one needs to be careful after the home loan EMI is over.
Original documents of the property mortgaged with the bank at the time of taking home loan. So get the documents from the bank as soon as you get the loan. Allotment letter, possession letter, legal document sale deed, builder-buyer agreement, sale agreement and other documents can be included.
no dues certificate
When the loan is repaid on your head, you are given a no debt certificate by the bank or financial company. In any case, get this certificate from the bank. This is a proof that you have fully returned the amount borrowed from the bank. That is, no one else has any right over the property.
Make sure the lien is removed
When a home loan is granted, a bank or other lending institution sometimes puts a lien on it. This means that your right over the property is stated. Be sure to check whether the bank has removed the lien once the loan is completed. After the lien is removed, you become fully entitled to your property.
A non-lifting certificate is a legal document. This means there is no registered encumbrance on the property. After the loan is repaid, all the repayment details appear in the Encumbrance Certificate. If you go to sell your property, the buyer will ask you for an encumbrance certificate.
After completing the loan, you need to update your credit profile. If it is not, keep an eye on your credit score and update it as soon as possible.