Home Loan EMI: After paying for home loan, do not forget to take these 2 documents, one mistake will cost you heavily..

Home Loan Rules: If you have also taken a home loan, then this news is important for you. A home loan is a big loan for a person and after taking a home loan, its full payment can be a relief for people, but when you pay your full EMI (Payment of EMI) and are going to close the loan, then after this you should immediately take your necessary documents (loan documents), because after doing this you can get into big trouble.

Know which are these two documents-

A home loan (how to get a home loan) is provided by many banks to build or buy a house. Whenever a bank gives you a loan, then the registry of the property purchased by you is kept as proof. When you repay the loan taken from the bank, then the registry is returned to you.

If you have taken a loan and repaid it and you are planning to close this loan (loan closing process), then do not forget to take two important documents from the bank. If you are careless in taking these documents (noc of home loan), then you may face problems later. The first document in these two important documents is NOC i.e. No Objection Certificate and the second is Encumbrance Certificate.

Why is a No Objection Certificate necessary -

The No Objection Certificate (Home loan NOC) received from the bank after repaying the loan proves that you have repaid the entire loan amount. There is no outstanding on you from the bank.

This certificate received from the bank, NOC i.e. No Objection Certificate (no objection certificate) proves that you do not have to pay anything to the bank. The loan taken by you has been repaid. Not only the NOC document, you also have to take care of some other things while taking NOC.

First of all, you must check the date of loan closure on this document. Along with this, check many other things as well. Like whether your name is as per the registry or not, whether your bank account details and all the details related to your loan and your property details are filled correctly or not. If you want to correct any mistake in this certificate (Why is NOC required), then get it corrected by the bank officer immediately.

How does the Encumbrance Certificate work -

The second important document among these two documents is the Encumbrance Certificate (Encumbrance Certificate kya hai). You also get this document after the loan is closed. As soon as your loan is closed, then you have to take this document from the Registrar's Office. This document is proof of the fact that there is no liability of any kind on this property now.

This document (Encumbrance Certificate Ke Fayde) is very important for you. It is also important when you sell your property, then the buying party has to show this document. Therefore, whenever you close your loan, immediately take the Encumbrance Certificate.

Check all the details carefully-

This document has many benefits. If you need a future loan, then this certificate can also prove to help get you a loan in the future. In simple words, these documents are proof of your loan liability. Therefore, do not forget to take these documents (Home Loan ke Jruri Documents). With these documents, you will not face any problems in selling your property in the future and after taking the documents, check them thoroughly.

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