Home Loan Tips: Keep these things in mind to avoid trouble after the home loan is repaid, know here...

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If you have taken a home loan, then its EMI will be affecting your financial management a lot. That's why everyone wants their home loan to end as soon as possible. After the home loan is over, you do not need to give a huge amount to the bank every month and you start saving extra money.

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At the same time, you also get satisfied that now your house belongs to you and there is no liability left on it. It is a happy moment. However, amid these happy moments, you should keep 5 things in mind so that you can avoid any further trouble. Let us know what those 5 things you should do without forgetting after paying off the home loan.

Collect the original property papers from the lender
Whenever you take a loan for a house, you have to submit the documents of the house to the bank. That is, the house is collateralized or mortgaged. When you repay the loan, don't forget to take the original documents from home from the bank. Remember that the papers are intact and whether every page is there or not.

No-due certificate
This certificate verifies that you are no longer liable to the bank and that you have repaid the loan in full. Along with this, it is also written on it that the lender no longer has any claim on your property. Check this document also thoroughly and see whether your name, address, and other important details are written properly or not.

Remove a lien on the property
The right to retain someone else's property until the loan is repaid is called a lien. Many taxpayers levy a lien on the property. Therefore, after the loan is repaid, remember to get it removed from your property. Once the lien is removed, you can sell your property without any hassle.

Non-encumbrance certificate
The Encumbrance Certificate contains the details of all the transactions that have taken place about your property. While giving the loan, the taxpayer levies a charge on your property as some security, this is called encumbrance. By getting a non-encumbrance certificate, it is ensured that there is no longer any charge left on that property.

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Credit record is updated or not
Whenever you take a loan, it is reflected in your credit score. After the loan is repaid, ensure that your credit record is updated so that you do not face any problems due to your credit score while taking any loan in the future.

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