Check for pre-closure charges while closing your loan account. Unlike floating-rate home loans, other loans have foreclosure penalties..The lender should update your loan repayment history in the CIBIL database to ensure a good credit score..Before the loan closure, retrieve critical documents like a sale deed, conveyance deed, power of attorney, cancelled checks, etc..Secure a NOC proving all dues have been cleared and the lender no longer holds any legal rights over collateral or documents provided..Review the final EMI calculation to ensure the payments are fully made when the final outstanding amount is credited to the lender.
Check for pre-closure charges while closing your loan account. Unlike floating-rate home loans, other loans have foreclosure penalties..The lender should update your loan repayment history in the CIBIL database to ensure a good credit score..Before the loan closure, retrieve critical documents like a sale deed, conveyance deed, power of attorney, cancelled checks, etc..Secure a NOC proving all dues have been cleared and the lender no longer holds any legal rights over collateral or documents provided..Review the final EMI calculation to ensure the payments are fully made when the final outstanding amount is credited to the lender.