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Home Loan Closure Process

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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.

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.
  • [Source:]

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