Your first Two-wheeler, your dream car, the next step in your business, all of these promise to change your life in a positive manner. However, for many of us, all of these will require external financial support. Usually, this external support is in the form of car, two-wheeler or business loan.
Things to keep in mind while Foreclosing a Loan
Inform the lender
• Do it before initiating the foreclosure process.
• Find out if there is a penalty involved.
Request for Documents
• Get back the documents your lender possessed during the loan
• Before applying for foreclosure, clear all outstanding dues.
Request for NOC
• After clearing dues, get the No Objection Certificate.
Get the lien removed
• Request your lender to remove the lien from the mortgaged
• You can also apply for a legal clearance certificate or
encumbrance certificate (EC)
Obtain Original Documents
• Make sure to retrieve all your original documents, like property
Get Credit Score updated
• Make sure the lender updates your credit score.
Get the Final Loan Statement
• It should contain every detail of your loan and its closure.
Before opting for loan foreclosure, be aware
of the prepayment penalties and keep the
above-mentioned factors in mind.
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Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057
Email Id: Corporate.Care@HeroFinCorp.com
Know more- Foreclosing A Loan Keep These Points in Mind