Have you closed your home loan? If yes, what to do next?
Usually, home buyers take a lot of precautions before availing a home loan.
The home loan has to be closed in a proper way, as it is a long-term financial
commitment. It can even be closed prematurely if you have the funds. The home
loan must be closed, once the last EMI is paid.
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What Needs To Be Done Once You Close Your Home Loan?
If you’re planning to prematurely close the home loan, just
follow the steps mentioned below:
- Write a letter to the bank and request for a statement on the outstanding home loan amount as on the requisite date.
- The bank computes the overall dues on the basis of the repayment cycle.
- The bank must be given a time frame of 15-20 business days to assess the outstanding dues.
- Make prepayments on or prior to the due date. The bank has to confirm the payments.
- Collect the No Due Certificate from the bank and also the property related documents.
- Ensure that the lien on your property has been removed.
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If you have paid the last home loan EMI, the following steps
must be taken:
- Collect the original property documents like indemnity paper, title deed, sales deed, power of attorney, possession letter, conveyance deed, receipts for payments and so on. If the bank fails to provide the property documents, you can file a complaint against them.
- Ask your bank to close the home loan account. The bank has to keep the credit rating agencies informed on the home loan closure. The agencies may require about 30 business days to change the status of your home loan account.
- Get a credit report after 30 days and cross-check if the personal and financial details are right. If the report contains any error, inform your bank and make sure to get them corrected.
- If you have pledged any property against the home loan, after paying the final EMI, request your bank to release the lien on the property. The lien can be removed at the Sub-Registrar Office.
- Collect the Encumbrance Certificate, which is issued at the Sub-Registrar Office. This certificate dictates the financial transactions made against the property.
- Do not forget to collect the No Objection Certificate (NOC) and the Clearance Certificate (CC). The NOC is issued to certify there are no pending dues and the ownership has been transferred to you. It contains the loan account number, the beginning and end dates of the loan, the name of the customer, the property address and so on.
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