Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Closure Checklist for Home Loan

Loan for Home

Closure Checklist for Home Loan

Closure Checklist for Home Loan

Isn’t it a relief to reach the end of your housing loan tenure? But before you rejoice, have you completed all the closure formalities? The home loan closure process indeed involves many steps. No wonder keeping track of each of them can be a difficult task.

Looking for a checklist to help you out? Here’s a home loan closure checklist to make home loan closure easier.

1. Confirm there are no outstanding dues

One of the first steps towards loan closure is making sure there are no pending dues. To do this, first, compare the loan amount to your home loan statement. When you do this, make sure you also factor in the home loan interest rates over time.

Also, take a no dues certificate/no objection certificate (NOC) from your lender, stating all dues are cleared. This makes future loan applications easier.

2. Update your records

Do you know what else makes future loan applications easier? Updated records. Make sure you get your credit history and loan statements updated from your lender. This is crucial because they are proof of your creditworthiness and your debt repayment record, respectively.

Remember, with updated repayment records, you can get benefits like lower home loan interest rates, relaxed eligibility, etc., in case you get another loan.

Additional Read: Important Things to Consider Before Transferring Your Home Loan

3. Get a non-encumbrance certificate from your lender

Unlike the no dues certificate, the non-encumbrance certificate is an all-in-one legal document with a list of property transactions. So, get the non-encumbrance certificate and ensure it is updated. It can be used to testify your loan repayments along with your CIBIL score and loan repayment history and benefits any future loan application approvals.

4. Collect the original documents

While applying for the loan, you submit a bunch of original documents, including the sale deed, loan agreement, title deed, power of attorney, etc. Make sure you collect them during loan closure. Also, given the long tenures of home loans, the documents could be damaged over time, or there might be some missing pages. This makes it extremely important to check if all the submitted documents are present, and more importantly, in good condition.

5. Collect any post-dated cheques submitted to the lender

Several lenders ask loan applicants to provide post-dated cheques in case you default on any EMIs. Collect these cheques after loan repayment if you haven’t missed any EMIs. On a side note, if you’ve struggled with paying EMIs on time, use a home loan EMI calculator to estimate repayments in advance the next time you apply.

6. Get the lien on the property removed

Along with giving your lender property rights until you repay your debt, a lien prevents you from selling a property afterwards. Hence, getting a lien removed is essential, especially if you’ve purchased the property as an investment.

Additional Read: Why Should You Opt For Home Loan Refinancing When The Rates Are Low

Final word

Using the above checklist, you can ensure you don’t miss any steps during the closure process. And if you are looking for a credible lender to finance a new home loan, Tata Capital is at your service. We offer minimal documentation for home loan, attractive home loan rates, and different modes for customer service too! Visit our website to learn more about the loan products.

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.