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Your 5-Point Checklist While Closing A Home Loan India

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Your 5-Point Checklist While Closing A Home Loan India

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  1. Home Loan India

  2. Your 5-Point Checklist While Closing a Home Loan India

  3. Take all your original documents back One of the most important things to keep in mind while closing a Home Loan is to get back your set of original documents, like the sale deed, power of attorney, possession letter, payment receipts, insurance letter and guarantor’s letter. If you forget to take these documents back, it might become a problem for you later when you want to sell the house or want to take a loan against property.

  4. Get a closure certificate It’s important to get a closure certificate that basically states that you’ve paid back everything and that all of the bank’s dues on the Home Loan are cleared. This No Objection Certificate (NOC) is proof that you don’t owe anyone any money legally and hence, if someone claims otherwise at a later point, you can produce the NOC.

  5. Make an estimate of the final settlement Be present when the bank officer is computing your final settlement. This helps you keep a track of everything and find out if there are some additional charges that can be avoided. Also keep in mind that no pre-payment charges apply to most Home Loans now.

  6. Be prepared to pay a slightly more that you anticipated on your final payment The bank might ask you to pay slightly more than the original amount. This includes the interest charges that are applicable on your final agreement cheque. The final amount will always be more than what you’d calculated as the cheques take a couple of days to be cleared. So, it’s better to be prepared for it.

  7. Be sure to recheck everything Rechecking everything is highly advisable as it can help you avoid repeated visits to the bank later. Check all documents and everything related to your loan to ensure that you don’t leave anything incomplete. Source : https://blog.bankbazaar.com/your-5-point-checklist-while-closing-a-home-loan/

  8. Click to know more on home loan India www.hdfc.com/emi-calculator

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