Home loan rules: Whenever we take a home loan or any other loan from a bank, the entire paperwork is done by the bank. It is written in it that how much is the loan, for how long it has been taken. How much interest is charged on the loan, when will the loan (Home Loan) end. The bank transfers money to the account or gives a cheque to the consumer only after the entire process.

But, after paying many home loan installments, the consumer makes some mistakes while clearing that loan, which they do without knowing and become heavy in the future. After the home loan is completed, two important certificates have to be taken from the bank, about which the consumer should be aware. If these documents are not taken at the time of loan closure, then you may face problems.

There is a difference between small loans and big loans.

Nowadays, loans are easily available from banks. The option of installments is available to buy small and big things. Small loans are closed easily, but the system of big loans like home loans is different. Two documents are required for loan closing. These documents are necessary to be taken from the bank.

Make sure to take these documents from the bank.

When the loan ends, the soul gets relief that now the hassle of monthly EMI will end. But, it is necessary to take the necessary documents related to the loan from the bank. If you have taken a home loan (Home Loan documents), then the property papers will be in the bank. If you do not take the documents, you may get into trouble. Make sure to take these documents as soon as the loan is cleared. You get these documents after taking two other documents from the bank, the first NOC and the second encumbrance certificate.

First certificate on completion of home loan

After the home loan (Home Loan rules) is completed, first of all take NOC i.e. No Objection Certificate. This is the proof of loan ending from the bank. It is written in it that you do not have any loan of the bank. There is no charge for this. Make sure to check all the things related to your loan in the NOC and if there is any deficiency, get it corrected immediately.

The second document is also very important.

The Encumbrance Certificate is the second document. You get it from the Registrar's Office at the time of closing the loan. It is written in this document that there is no loan on the said property (Home Loan) now. If you ever want to sell this property, then the opposite party can ask for this document from you, and you can easily show it to them. At the same time, if you have to take a loan again from a bank, then you can take a loan on this property by showing this document.

It affects the CIBIL score.

If you take a home loan and after repaying it, do not take NOC and Encumbrance Certificate etc., then it can also affect your CIBIL score. Without taking NOC, the loan is not considered closed and this can make your CIBIL score negative. To ensure that this does not happen to you even after paying all the EMIs, make sure to get your NOC.

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