Home Loan 2025 News: Do these 5 things while closing your home loan, otherwise you will not incur a big loss

News, Digital Desk- (Home Loan) After paying off the home loan, do not forget to take the original documents of your mortgaged property from the bank. This includes many important documents like allotment, possession, sale deed, builder-buyer and sale agreement. While taking the documents from the bank, check all the pages carefully so that no page is missing or damaged. This is an important step, do not be careless in this.

Collect original documents-

After repaying the home loan, it is very important to get back all the original documents of your property from the bank. These include important papers like allotment letter, possession letter, sale deed and builder-buyer agreement. 

While taking the documents, check each page carefully so that no page is missing or damaged. Any negligence in this process can create problems in the future.

Non-Encumbrance Certificate-

Non-Encumbrance Certificate is an important legal document that gives details of all financial transactions of your property, such as sales and loans. 

It records when the property was sold, to whom and for how much, and also includes full details of the loans taken on it and their repayment. 

Buyers often demand it when selling the property, so after repaying the home loan, it is important to get an updated certificate from the bank, which also includes information about the closure of your loan.

No dues certificate is very important-

When you close your loan, you are given a no dues certificate by the bank or financial company. Collect this certificate at all costs. It is written in the NDC that all the dues have been paid and the lender has no right or claim on the property. 

The no dues certificate must contain information such as the name of the loan taker, property address, loan account number, loan amount, loan start date and loan repayment date.

Update your credit profile-

After repaying the loan, you must update your credit profile. It is important to update it. If this has not been done at that time, then keep an eye on your credit score and get it updated as soon as possible. So that in future if you feel the need to take a loan again, you can get the loan easily.

Make sure to get the lien removed-

Sometimes the lender puts a lien on the property and then the customer cannot sell the property. In such cases, the lien must be removed after the loan is repaid. For this, one has to go to the registrar office with an officer of the lender.