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Closing a homeloan

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Here is a small write up on closing a home loan and the documents that need to be collected from the bank:

1. Request for an acknowledgment of the cheque through which you pay the last EMI of the home loan. The bank will return your documents once the cheque gets cleared.

2. If your home loan is from a cooperative bank and you are paying your last EMI in cash, you will get your documents right away.

Documents to be collected from the bank on closing the loan:
1. A letter specifying that the loan has been closed. This usually includes a no-dues certificate. This document is very important whenever you are going to sell your home or your car.

2. An account statement for the entire loan course.This will help keep a record of all the payments that have made and income tax benefits availed.

3. Obtain a letter specifying your payment track record. This would help in case you take any loan in the future.

4. Get your title documents of your car or home ,or any other security that you may have deposited with the bank while taking the loan,apart from agreement documents.

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Written by sujai

January 8, 2008 at 3:39 am

Posted in Uncategorized

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