Paid off your housing loan? Did

you get your documents back?

House ownership documents after loan is paid off in full Many homeowners who took bank loans for the purchase of their home and have paid off their housing loan in full, may be in for a surprise when they try to sell or even get a loan against their fully paid off property. When a loan is taken from banks in India, they ask for and keep in their custody most of the original house ownership/registration documents. When outstanding housing loans are eventually paid off in full, banks are generally not bothered about giving back the documents they hold [generally at their designated head offices] or cancel liens etc. recorded against the property. It’s up the owner to ensure they get back all the documents once the loan is paid. Here is what should be done once your housing loan is paid off.  Get a No Objection Certificate [NOC] from your bank stating the loan against your property has been fully paid off and the lender no longer has any claims on the property.  Get ALL documents submitted to the bank when loan application was made. Get back your Original documents not copies. Ensure no page is missing!  Get any Lien on the property removed from the Registrar Office.  Get your credit record cleared for the housing loan. You don’t want a loan that is paid off continue to show as an outstanding loan in your credit history  Get an Encumbrance Certificate, this is a document that shows a list of all financial transactions on the property. When a loan is taken or paid off this document will reflect such transactions. Having all your original documents back and your credit record clear will ensure that you do not run into a problem if you ever try to get a loan or sell your house.