After the EMI of the home loan is completed, do not make it by Mistake: The day he pays the rest of his EMI (versus regularly scheduled payments) is similar to passing a benefit in a borrower’s life. After this earth-shaking opportunity, the borrower has to meet certain minor obligations to put things in context. Actually, you should get a NOC – No Protest Will after the home loan repaired. NOC is a kind of will that shows that you have paid back a home loan and have no obligation to the bank or financial organization. Maintaining NOC is important from a number of aspects. After paying EMI, the borrower has to meet certain minor obligations to put things in context.
Top things to keep in mind after paying full Home Loan EMI
The bank has no case on the property after taking NOC
It often happens that after repaying the entire EWI of a home loan, you will receive some back payments from the bank or financial foundation. In such circumstances, NOC should be persuaded to stay away from it. This is some kind of authoritative report that says you don’t owe any money to the bank or financial foundation. This is also known as a non-contributory declaration.
If you take NOC, only your last loan close will be considered at this point. In case you have not drawn down on NOC, your previous loan will not be considered fully closed at this point. Your credit score is also affected. This way, you may face some problems when applying for a loan in the future. It is also for this reason that it is important to make sure that your location and versatile numbers are correct or not.
In a perfect world, the bank should connect days after paying the balance of your EMI. The bank will need to close your loan account and email you or make a phone decision to the borrower who will let them know.
Visit the registry office
Someone from the bank may also need to take you to the office to end this custom.
Get your papers
We accept that you have elite of real estate archives and other material on file with the bank. These can include deal deeds, parent deeds, post-filed checks, etc. With the company flagged, the bank is at no risk of making inquiries about missing records.
Check your CIBIL Report
Go to one of these online stages where you can download the free CIBIL report to see if the data is updated there. If the update does not appear in certain months, visit the bank and ask them to fix it.
Keep an eye on insurance
This is important because the safety network provider may send part of the amount to Prime Bank if it is not aware of the loan completion. Things are much less complex when the insurance items are also bought from a similar bank.
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