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Paid Your Last Home Loan EMI? Here are 8 Things That You Need to Do

24 Jul 2025

Introduction

A home loan is a huge financial support that enables an individual to fulfil the dream of homeownership. It takes a great deal of hard work and dedication to repay it, and when it is repaid, a huge burden is lifted. Affordable home loan lenders, such as Wonder Home Finance - Home Loan In Godhra, with its easy and flexible home loan tenure and multiple loan repayment options, ease the process in Godhra. After repaying your home loan, there are still important things to do. Here is a checklist to ensure everything is taken care of after repaying your home loan.

Home Loan Closure Checklist

The following are some points of attention that you must adhere to after successfully repaying your home loan.

The Letter of Home Loan Closure: The foremost task after the last home loan EMI must be acquiring your letter of home loan closure. This piece of document is proof that your home loan is fully repaid and that you are not liable for anything pending. Some lenders provide only a letter of loan closure that also works as a no-dues certificate.
Get Your No Dues Certificate (NDC) from Your Lender: No dues certificate is legitimate proof that all the home loan EMIs are paid and that the lender does not hold any legal authority on the pledged property. It would be best if you got it as soon as the home loan is closed. Essential information like your name, the address of the property, your account number, the amount of the home loan that is settled, and the complete tenure of the home loan is mentioned.
Obtain the Latest Non-Encumbrance Certificate: The step after removing the loan is taking possession of your latest non-encumbrance certificate. It is an authorised document that states the up-to-date transactions related to the property. Your entire home loan details must be reflected in this certificate to prevent trouble, as it legally certifies that you owe nothing to the bank and ensures that your property is free from loan.
All the Original Documents must be Collected: All the documents that you have submitted to the lender during the home loan process must be retrieved after paying the final home loan EMI. Also, you should note if anything is missing. In case of any mistake, the lender must be made aware of that. On an advisory note, you should collect these documents in person, as receiving them via post can lead to misplacement or damage. It would be beneficial for you if you note down the documents you are submitting before handing them over to your lender. By doing so, you will have a ready list of what has to be taken back after your home loan repayment.
Statement of Loan Account: Another document that must be taken care of is the statement of the loan account. It reflects your entire credit history and is a stamp of assurance that the complete loan repayment is done.
Eliminate the Lien on Your Property: A Lien refers to the charge on your property that is imposed by the lender, which is created mostly in case of a poor credit score. It gives your lender the right to sell your property if you fail to repay it. It. Once your loan is repaid, get the lien revoked. It gives you back the property’s complete authority for any future need. You must be patient during the process, as it takes a week or two to fully obtain it. To prevent getting a lien, ensure that you have a good credit score before applying for a home loan.
Getting Your Credit Score Updated: An applicant’s credit score determines their home loan repayment capacity, and if it is very low or highlights a home loan debt, then the chances of approval are next to nil. Home loan debt reduces your credit score, and the cycle continues. To avoid this course of obstruction, make sure your credit score is updated as soon as the home loan is completely paid off. It usually takes a month to get updated, so you must check your credit score regularly. Use Wonder Home Finance’s credit score check to get accurate results. The responsibility of checking the information given by the lender to the credit bureau lies with the borrower, and in case of any error, it must be rectified.
Taking Back all the Post-Dated Cheques: Many lenders mandate post-dated cheques to avoid home loan EMI getting missed. When the home loan is repaid and if none of the EMI are missed, then it is vital to collect all the post-dated cheques issued to the lender.

Also read: - Your Ultimate Guide to Check Home Loan Credit Score

Conclusion

A home loan, along with financial support, brings with it added responsibility. With cautious planning and savings, home loan repayment can be achieved. As soon as you are done with your final home loan EMI, you must visit your Wonder Home Finance - Home Loan In Godhra and initiate taking account of all the documents and formalities listed above. You can contact us or visit your nearest WHFL branch in Godhra for assistance.

FAQs for More Insight

What documents do I need to close my home loan?

To close your home loan, you typically need documents such as identification proof (passport, driver's license, etc.), proof of income (pay stubs, tax returns, etc.), property documents (title deed, sale agreement, etc.), loan documents (loan agreement, mortgage deed, etc.), bank statements, and property insurance documents. However, the specific requirements may vary depending on your financial lender. Reach out to Wonder Home Finance for expert guidance on home loan closure.

Do I need to inform the lender before closing the loan?

To ensure a smooth and seamless transaction process, it is highly recommended that you inform your home loan lender well in advance about any upcoming transactions. This advanced notice will allow your home loan lender to prepare and provide you with all the necessary documentation and guidance required for the transaction. Additionally, discussing the details of the transaction with your lender ahead of time can help you better understand any potential risks or issues that may arise during the process, and allow you to take any necessary actions to lessen them.

How do I get the final statement of my home loan account?

If you are planning to close your home loan account, you may want to request the final statement from your home loan lender. This statement would provide you with a detailed breakdown of the outstanding principal amount, any prepayment charges that may apply, and the total amount due for closure. By reviewing this statement, you will have a clear understanding of the exact amount that you need to pay off your loan and avoid any potential discrepancies or surprises. Contact Wonder Home Finance for further guidance.

What should I do after receiving the property documents?

It is highly recommended to securely store important property documents in a safe and reliable location, such as a safe deposit box or a home safe, to ensure their protection from potential loss, theft, or damage. These documents, which may include titles, deeds, and other legal paperwork, serve as critical proof of ownership and can be necessary for various reasons, such as selling the property or transferring ownership to another party.

Disclaimer
The information provided in this article is for general reference purposes only and should not be construed as professional financial advice. We explicitly disclaim any liability for any decisions made or actions taken based on the information provided in this article. Users are solely responsible for verifying the accuracy and applicability of the information before relying.

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