5 Points To Consider While Closing A Loan Account

Outlook Money

Check for pre-closure charges while closing your loan account. Unlike floating-rate home loans, other loans have foreclosure penalties.

Home loan rates

The lender should update your loan repayment history in the CIBIL database to ensure a good credit score.

Credit score

Before the loan closure, retrieve critical documents like a sale deed, conveyance deed, power of attorney, cancelled checks, etc.

Home sale deed

Secure a NOC proving all dues have been cleared and the lender no longer holds any legal rights over collateral or documents provided.

Home sale deed

Review the final EMI calculation to ensure the payments are fully made when the final outstanding amount is credited to the lender.

Home loan EMI