How To Close Home Loan?

Aug 14, 2011     Posted under: Home Loan






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Recover Original Documents: You may have to recover all the original documents from the bank or the housing finance company. These include all the papers that you submitted to the bank when your loan was sanctioned

No-Dues Certificate: You may also have to ask for a no-dues certificate or a settlement statement. This is a written certificate from the bank and it states that the borrower has no outstanding dues

Overdue Penalties: A home loan borrower while closing a loan also needs to check whether any of his cheques have been delayed or bounced as this may attract a penalty and he may be declared a defaulter

The Title Deed: Ensure that you have the title of deeds with you once you have paid off your loan. This document is important in case you wish to sell your property in the future.

Prepayment Charges: Banks do not levy a pre-payment fee if the funds have come from the borrower’s own resources such as sale of property or savings.

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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