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Home Loan Closure Process

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Loan eligibility calculator - Go with HDFC for Loan eligibility calculator to choose for best loan plan.\n

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Presentation Transcript
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Your home loan closure process starts after paying the last EMI. In an ideal world, you should get all your property documents, NOC, Lien removed automatically and a Thank you note sent from the Bank.

  • Before this article turns into ‘fine prints’, here are the main things to know before signing the Bank’s acknowledgement letter.
  • Home Loan Closure Process After your last Home Loan EMI, you need to send a written letter/application for return of original documents.
  • Mention having paid the EMI with no dues left. You may also attach proof of last EMI payment.
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It is good practice to mention the list of documents you expect the bank to return.

  • Get an acknowledgment receipt of loan closure application from your bank. Banks take 7-10 days to respond to closure requests.
  • Tasks for online home loan closure Original Property Documents Collect all your original documents (In original condition) from Banks.
  • Here, is a handy list of documents to refresh you.
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A Lien is a transaction registered in Registrar Office against the property.

  • Banks do this to prevent the borrower from the selling the property before paying back loan.
  • Why it’s important? Once cannot sell the property with a lien registered against it. Also, the lien transaction suggests property is not completely yours.
  • This is a very important process and takes 10-14 days.
  • [Source: https://loaneasy.in/home-loan-closure-process/]
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Click to know more on online home loan:

https://www.hdfc.com/eligibility-calculator

Thank You…

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