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Home Loan Tips: You took a loan, repaid it on time and now you feel that your responsibility is over, then you are making a big mistake. Even after repaying the home loan, there are many tasks that need to be done. After which your loan is completely closed. If you do not do this, your problems may increase.
Collect original documents from the bank
While taking a home loan or any secured loan, you must have also mortgaged a property. Its original documents will have to be deposited in the bank. Keep the documents carefully while closing the loan. Do not make any mistake in this matter because along with the allotment letter, there is also the possession letter.
No Dues Certificate is very important
The bank issues a no dues certificate or closure letter to the customer after loan disbursement. This certificate or letter is proof that you have repaid the loan. Collect this certificate at all costs. After which your mortgaged property becomes yours. No one else has any right on it.
Eliminate Lien Requirement
Whenever a home loan is given, the bank or other lending institution often places a lien on your property. After completion of the loan, check whether the bank has removed it or not. After the lien is removed, you become fully entitled to your property.
discharge certificate
Non-encumbrance certificate is a legal document that certifies that there are no registered encumbrances or outstanding loans on the property. Once the loan is disbursed, the encumbrance certificate shows all the repayment details. Even when you are going to sell your property somewhere the buyer asks for encumbrance certificate from you.
Get your credit score updated
After completing the loan, you should update your credit profile. It needs updating. If this cannot be done at that time, you should monitor the credit score and get it updated immediately. So that the second time you apply for a loan in the bank, you do not have to face any kind of problem.