Saturday, June 8, 2019

Indian Money Reviews - What Needs To Be Done Once You Close Your Home Loan?


Have you closed your home loan? If yes, what to do next? Usually, home buyers take a lot of precautions before availing a home loan. The home loan has to be closed in a proper way, as it is a long-term financial commitment. It can even be closed prematurely if you have the funds. The home loan must be closed, once the last EMI is paid.

Want to know more on Home Loans? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
What Needs To Be Done Once You Close Your Home Loan?
If you’re planning to prematurely close the home loan, just follow the steps mentioned below:
  1. Write a letter to the bank and request for a statement on the outstanding home loan amount as on the requisite date.
  2. The bank computes the overall dues on the basis of the repayment cycle.
  3. The bank must be given a time frame of 15-20 business days to assess the outstanding dues.
  4. Make prepayments on or prior to the due date. The bank has to confirm the payments.
  5. Collect the No Due Certificate from the bank and also the property related documents.
  6. Ensure that the lien on your property has been removed.
If you have paid the last home loan EMI, the following steps must be taken:
  1. Collect the original property documents like indemnity paper, title deed, sales deed, power of attorney, possession letter, conveyance deed, receipts for payments and so on. If the bank fails to provide the property documents, you can file a complaint against them.
  2. Ask your bank to close the home loan account. The bank has to keep the credit rating agencies informed on the home loan closure. The agencies may require about 30 business days to change the status of your home loan account.
  3. Get a credit report after 30 days and cross-check if the personal and financial details are right. If the report contains any error, inform your bank and make sure to get them corrected.
  4. If you have pledged any property against the home loan, after paying the final EMI, request your bank to release the lien on the property. The lien can be removed at the Sub-Registrar Office.
  5. Collect the Encumbrance Certificate, which is issued at the Sub-Registrar Office. This certificate dictates the financial transactions made against the property.
  6. Do not forget to collect the No Objection Certificate (NOC) and the Clearance Certificate (CC). The NOC is issued to certify there are no pending dues and the ownership has been transferred to you. It contains the loan account number, the beginning and end dates of the loan, the name of the customer, the property address and so on.

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10 Types of Home Loans Every Homebuyer Should Know

Loan to Purchase a Plot: This type of loan is availed by the borrower to construct a house on a land plot. The loan is sanctioned for the purchase of the plot. The borrower may choose to construct the house at a later time, as and when finances permit. The bank funds up to 85% of the cost of the land. However, the borrower cannot avail tax benefits on such loans.
Home Purchase Loan: This is one of the most popular kinds of home loans offered by banks. These loans are availed to purchase a new property or a resale property and the rate of interest on this loan is either fixed or floating. The borrower can avail tax deduction under the Income Tax Act for this type of loan. The loans sanctioned by the bank, funds up to 85% of the cost of the project, the rest must be paid by the borrower as a down payment.
Loans for Construction of Home: Home loans can also be availed for the construction of a house. The banks evaluate the cost of the land and sanction the home loan amount for the construction of a house. Loans for house construction can only be availed for land purchased within the same year. All major commercial banks offer loans for construction of a house.
See Also: Home Loan Interest Rates Rising

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indianmoney.com Bangalore | Indian Money Bangalore

IndianMoney is an online platform that offers free financial advice and education. The platform covers the categories of insurance, investment, loans, property, capital markets, mutual funds, loans and credit cards, mutual funds, and tax. It also features EMI calculators enabling individuals to calculate car, home, and personal loans. The company also offers a free mobile application, which is available for download on the Google Store. It enables users to access free financial advice, alerts, advice, and news right from their smartphones.
IndianMoney has multiple modes of operation. “We provide the Unique Service of Free Financial Education over the phone to anyone who needs it. All one needs to do is to give a missed call to our helpline number at 022-6181-6111 or fill up the online form on our website requesting for financial assistance,” says Sudheer. Their team of wealth doctors call back and provides financial education/assistance. They also provide free Financial Validation Services, where anyone who is about to finalize an investment and needs an expert second opinion can leave a missed call to their helpline number. “We can complete the circle by connecting the interested consumer to our registered associates. We do so only when the consumer expresses interest in checking out financial products that might satisfy his/her needs,” says Sudheer.
The revenue model is mainly dependent on generating leads for their associates. The consumer is not charged for the education, IndianMoney gets a 'referral fee' for every lead transferred. “We do not charge a 'success fee' and therefore remain unbiased in the whole process regardless of a sale happening or not,” says Sudheer. In terms of growth, the monthly revenue in 2011 was Rs. 2 lakhs, and now IndianMoney.com generates about Rs. 60 lakhs a month. The company also closed their first round of institutional investment in September 2013 from Hyderabad Angels.
IndianMoney is headquartered in Bangalore but has a pan India presence with their registered associates spread across the country. Currently, the team strength stands at 86 employees.

indian money company bangalore

They only provide FREE financial advice / education to ensure that you are not misguided while buying any kind of financial products.
Categories Finance, FinTechHeadquarters Regions Asia-Pacific (APAC)Founded Date Sep 18, 2008Founders Rahul Singh, Sudheer CSOperating Status ActiveLast Funding Type Venture - Series UnknownNumber of Employees 101-250Legal Name Suvision Holdings Private Limited

IPO Status PrivateCompany Type For Profit

Website indianmoney.com/Facebook View on FacebookLinkedIn View on LinkedInTwitter View on TwitterContact Email contact@IndianMoney.comPhone Number +08049611444

IndianMoney is an online platform that offers free financial advice and education. The platform covers the categories of insurance, investment, loans, property, capital markets, mutual funds, loans and credit cards, mutual funds, and tax. It also features EMI calculators enabling individuals to calculate car, home, and personal loans. The company also offers a free mobile application, which is available for download on the Google Store. It enables users to access free financial advice, alerts, advice, and news right from their smartphones.