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Factors to notice after repaying your housing loan
Posted on: 22/Aug/2016 4:46:54 PM
It has become very common for people to opt for housing loan and repay it within a specific deadline. A few of them also choose to foreclose the loan depending on their financial situation. Most of us assume that our job is done once we repay the loan completely and get back our original documents. If this is what you presume too, you are wrong; there is a lot more to do even after you repay the loan. Here are a few pointers to help you know such procedures as advised by experts.
Get No objection certificate from the bank. This will contain details including the loan recipient, bank account number and the amount repaid as loan.
Make sure to get back all the original documents of the property. All these need to be in good condition. Check whether any page of the document is left out in between.
Banks practice to approve loans to individuals based on their CIBIL score. On completely repaying the loan, your CIBIL score will be updated in one or two months. Remember to check this out so that it will be of help when you apply for loan for the next time. If the score is not updated, you may reach out to the bank and request for the same.
It is also good to maintain good rapport with the bank even after loan closure. This will help in the future as well.
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