Congratulations, after months and months of EMIs, your loan is finally reaching closure. We are happy to see you relaxed!
It’s important to keep a few things in mind to avoid any future complications.
However, Be Cautious!
Check the Terms and Conditions
#1
In case you're preparing to close your Home Loan, check for the preclosure charges levied by your financial institution. PNB Housing levies no prepayment penalty for individual applicants who pay from their own sources.
Keep Documents Ready
#2
You might be asked for certain documents for Home Loan closure. It's advised to ask your financial institutions beforehand and prepare the documents for a hassle-free procedure.
Obtain NDC
#3
NDC (No Dues Certificate) is a critical document certifying that you've cleared all the dues with the financial institution and they have no right over the collateral offered.
Collect your Original Documents
#4
Take back all the documents you submitted for Home Loan approval. It might include your cancelled cheque, sale deed, and power of attorney.
Collect your Original Documents
#5
To refrain the borrower from selling the property, financial institutions put a lien on it. So after completing loan repayment, visit a registrar's office with your bank official to lift the lien against the property.
Update your CIBIL
#6
Generally, the financial institution updates your CIBIL score after Home Loan repayment. Check your CIBIL report and ask the financial institution to update it if it still shows an outstanding balance.
Consider Taking a Home Top-Up Loan
#7
If you have a good relationship and repayment history with your financial institution, they may also offer you a Home Top-Up Loan at competitive interest rates.