Digital Desk- In today's time, it is not easy to buy a house with your earnings amid inflation and rising property prices. That's why most people arrange a house for themselves by taking a loan. After taking the loan, you have to repay the loan in the form of an EMI for a few years.
But just repaying the loan is not enough, even after repaying the loan, there are some works which need to be completed. Only then your loan is completely closed. If you have taken a loan for the first time, then you need to be aware of some things, otherwise many difficulties may arise even after paying the loan.
Do not forget to collect the original documents-
Whenever you take a loan, the original documents of your house are submitted to the bank and a photostat copy is given to you. This is because, till the time your loan is not completed, the bank is considered to have the right to that property. But after repaying the loan from the bank, carefully take those documents back from the bank. Only then will your property be completely yours? Do not make any mistake in this matter as it can be accompanied by an allotment letter, possession letter, legal document sale deed, builder-buyer agreement, sale agreement and many other documents.
Get a no-dues certificate and get the lien removed
When you close your loan, a no-dues certificate from the bank is given to the customer. It is very important to get this certificate. This certificate is proof that you do not owe anything to the bank. Whatever loan amount you had taken, you have returned it. Also, don't forget to get the lien removed. Bank or any loan-giving institution adds rights to your property through Lien. After the lien is removed, no one else has the right over the property except you.
After closing the loan, you must update your credit profile, so that in future you do not face any problems in taking a loan. If this has not happened at that time, then keep an eye on the credit score and get it updated as soon as possible.
Non-encumbrance certificate-
A non-encumbrance certificate is issued as proof that there is no registered encumbrance on the property. This is a legal document in which the details of all repayments are visible. When you go to sell your property somewhere, the buyer asks for an encumbrance certificate from you.
