Foreclosing A Loan Keep These Points in Mind

1

• Things to keep in mind while Foreclosing a Loan

2

• Inform the lender
• Do it before initiating the foreclosure process.
• Find out if there is a penalty involved.

3

• Request for Documents
• Get back the documents your lender possessed
  during the loan approval process.

4

• Clear Dues
• Before applying for foreclosure, clear all
  outstanding dues.

5

• Request for NOC
• After clearing dues, get the No Objection
  Certificate.

6

• Get the lien removed
• Request your lender to remove the lien from the
  mortgaged asset.
• You can also apply for a legal clearance
  certificate or encumbrance certificate (EC)

7

• Obtain Original Documents
• Make sure to retrieve all your original
  documents, like property papers.

8

• Get Credit Score updated
• Make sure the lender updates your credit score.

9

• Get the Final Loan Statement
• It should contain every detail of your loan and
  its closure.

10

• Before opting for loan foreclosure, be aware of
  the prepayment penalties and keep the
  above-mentioned factors in mind.

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