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Author: admin | Category: Loan Calculator Canada | Date: 07.06.2014

Being a part of financial industry, banks have there set of rules and regulation which they and there customers needs to follow while dealing with each other. Recently banks have waived off pre payment penalty on loans, this is attracting most of its customers to make the payment of balance loan as per the availability of cash without any penalty. This kind of facility is available for all types of loans like home loan, car loan, personal loan etc. This kind of facility is available in almost all the banks like ICICI bank, State Bank Of India (SBI), Oriental Bank Of Commerce (OBC), State Bank Of Travancore (SBT) etc..
So now you can check with your bank about the online loan payment facility and can use the same to make the payment against any type of loan as and when you have spare cash. Manish Chauhan 125 CommentsIt’s a dream of most of the homeowners to own a house without any loan on their head. However in that excitement, a lot of people do not take all the required actions and later suffer because of small things they didn’t complete after closing their home loans. While I am focusing totally on home loan closure in this article, but whatever I am going to share also applies when one closes a car loan, education loan, personal loan or any other kind of loan. Make sure that whenever you close a home loan, you take back all the important document you had submitted at the time of taking the loan. Some lenders even give you a copy of letter, mentioning what all documents were submitted by you to the lender at the time of taking the loan.
After getting the documents, you should also check if they are in good condition and no pages are missing from between.
NOC or No Dues certificate is a legal document provided by the lender, which certifies that you have repaid the full loan and no outstanding balance exists.
What is means in simple language is that, the lender will keep the right to sell the property themselves, if the loan taker is not able to pay back the loan. So you should surely check with your lender, if they have put lien on your property or not?
And, If they have – then you should ask them to help you to remove the lien and overall process. If you do not remove the lien from your house, then you will face difficulty at the time of selling the house in future, and at that time you have to visit the lender again anyways.
Once you clear the lien from your property, you can verify it back by applying for a new encumbrance certificate, which should mention that there is no encumbrance with the property, means no one has any legal rights in the property. Even if you are planning to not sell your house in future, still make sure you don’t skip this step, Its always a good idea to make sure 100% process is followed. CIBIL report is one document which records each of your loan entry and all your actions of payment. But many a times, banks delay this small action or completely ignore it for months and years. I have tried to make sure that you take all the last mile steps after closing your homeloan.

Let me know if you want to add some other point in this list and I would be happy to add it.
But analysis of income, expense, assets & liabilities are essential for Individuals in managing personal finance.
It’s going to be ending of mine day, except before ending I am reading this wonderful piece of writing to increase my know-how.
Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. A Cheque book request letter is written by a bank customer who requires a new set of cheques from the bank. Clipping is a handy way to collect and organize the most important slides from a presentation. Although banks impose these rules to protect the interest of its customers but sometimes following these rules becomes difficult for its customers.
Stay tuned to Fingyan by following FingyanOfficial Facebook Page and sign up for our free newsletter. It’s a great moment in their life, when they pay the final EMI of their home loan or pre-pay the full outstanding balance and clear the home loan fully. In this article, I want to share few things every home owner should complete, when they are closing their loan. Original documents are really important to collect, because in future if you want to sell the house or want to take loan against property, that time you would require all the documents. These days banks do not put a lien on property, because they anyways check the background of the customer properly and keep the original documents in their custody.
Each lender checks this CIBIL report before giving any kind of loan to you (even when they give you a credit card). Even if you prepay your home loan early, still you need to take all these steps, otherwise your home loan closure will not be 100% full proof. I never thought about preparation of personal balance sheet & other financial statements. One day I decided to prepare personal balance sheet & other financial statements for myself. This will not only allow one to organize his money-flow but will also make one realize what is his net worth (Asset). Using this facility, now customers (Indians and NRI’s) of ICICI bank can make online loan payment through NEFT transfer. It clearly mentions exactly which documents were taken by the bank at the time of giving the home loan.
There are tons of cases where the documents were misplaced and investors had to run from pillar to post to get them back. But at times, it can happen that due to customer background or on a slight suspicion, lender wants to put a lien on property, which is done in registrar office.

So you should double check with your bank at the time of closure of loan that they will update the CIBIL very soon. The financial statements that companies maintain are (1) balance sheet, (2) income statement & (3) cash flow statement. Experts may say that the sheets I have shown are not strictly correct representation of financial statements.
If you can also put your comments or subscribe us below, it will be an excellent feedback for us. Although it does not sounds like a problem for a normal customer but being settled abroad since two years it was difficult for Mr. It’s a great relief for someone who was paying the EMI from so many years continuously. This really helps, because there is no confusion later and lender is also accountable towards the customer. Below you can check out the experience of one investor who had no proof of closing the loan and how he faced issue due to that. When I used to read companies financial statements I used to wonder when I will maintain one for myself.
In this article we will see a template in excel format of a personal balance sheet, cash flow statement and personal income expense report. The other work around available to him is power of attorney, but considering the time required to get the same ready did not attract him to go for this choice. But this simple logic has made me that side of money management that I could not have realized otherwise. Then he comes to a solution which help him make the payment himself without visiting personally i.e making online loan payment through National Electronic Fund Transfer (NEFT) transfer by adding loan account as third party.
For me, I cannot think of a day when I can pass without looking and updating my financial statements. But because we do not maintain a personal balance sheet and other financial statements, we do not know if we are overspending. When I checked my cash-flow statement (Miscellaneous Shopping) I found that I only had Rs 50,000 balance.
When I checked the cash-flow statement, I was happy that we saved well to fund this expense.

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