After paying EMI, the borrower has to meet certain minor obligations to put things in context.
The bank has no case on the property after taking NOC
You should take NOC when you have fully repaid the home loan to a bank or financial organization. This uncomplicated confirmation guarantees that you do not have to pay any cash to the bank or financial foundation. Even after taking NOC, the house is yours. A bank or financial institution cannot guarantee your property.
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.
By and large, it would have been sent to the NOC by a bank or financial organization through a registered office at the customer’s location. 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. Unfortunately, most banks in India, especially the public sector banks, don’t extend this friendliness.
Visit the registry office:
After completing your loan account, it will be appropriate to visit the sub-registrar’s office and ensure that the latest intricacies regarding your property are detailed in freely available reports. 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. In addition to this, the bank would also give you a no-obligation statement, an official proclamation stating that you have paid the loan in full and in full.
Note that the bank would get you to sign a company, confirmation that you have received all the reports. Until then, make sure that no papers are missing. With the company flagged, the bank is at no risk of making inquiries about missing records.
Check your CIBIL report:
Your CIBIL report would clearly state when you are done paying your home loan. 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:
In the event that your home and home loan insurance – the two are altogether different things, was taken over by another bank – you should go to that bank and show these papers to show that you are currently the sole owner of the property and that the prime moneylender has no more enthusiasm for it.
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.