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Home Loan Closure Process - PowerPoint PPT Presentation

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Presentation Transcript

  • 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.

  • 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.

  • 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.

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