Home loan closure checklist

Home loan closure checklist

1) Refer to the ‘list of documents to submit’ when making the application for a loan, and make sure that all the original documents are recovered.

2) Ensure that the documents are complete and received in good condition, in the presense of a bank official, before signing the acknowledgement.

3) Take an NOC from the lender, specifying the address of the property against which loan was taken, name of the borrower and the loan account number.

4) Request the lender to inform CIBIL regarding the closure of the loan account. The process should take about 30 days from date of loan closure.

5) Ensure that any lien is removed after the closure of the loan. An existing lien will create problems during the sale of the property.

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