Loan closure rules: While taking a home loan, the bank asks the customers to complete some documents. Just as many processes have to be completed initially to get a home loan (Home Loan Tips), in the same way, it is very important to check some other documents (bank loan documents) while closing it after repaying the loan.
Today, through this news, we are going to tell you about some such documents, which you should pay attention to while closing the loan. Know the complete details about this in the news.
Keep these things in mind at the time of loan closing-
Many people consider themselves relaxed after closing the loan (documents after loan closure) and forget that they have not taken two special documents. This is very important while closing a home loan. When you take a home loan, the bank keeps the documents of the property with itself while mortgaging it (property documents). In such a situation, when you pay the loan, you get these documents (loan documents), but apart from these, it is necessary to take two more documents.
It is also very important to take NOC-
After paying the home loan (home loan repayment rules), NOC i.e. No Objection Certificate must be taken. It is proof of repaying the bank loan. Due to this, it becomes clear that you do not have any loan from the bank (bank loan news) outstanding.
While taking this certificate, also check the loan close date, your name in the registry (property registry) in it. At the same time, information should also be obtained whether the bank account details and all the information related to the loan are correct or not.
It is important to take this certificate-
After clearing the loan, the loan holder must take the Encumbrance Certificate. It is available from the Property Registrar's Office. This document is very important for the loan holder because it clarifies that there is no loan outstanding on the property.
While selling the property, the buyer demands this document, so do not forget to take it. Apart from this, do not forget to get your CIBIL score updated from the bank.
Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
-
Berlin, Paris urges restraint as Israel-Iran crisis escalates
-
Dubai: Fire breaks out at high-rise building in Marina; residents evacuated
-
'I was on the Titan submersible days before tragedy and one thing haunts me'
-
BBC Race Across The World star opens up on 'struggles' before winning show
-
The Canary Island that's nearly 100% less crowded than Lanzarote
