What is LOD in Home Loan?

Hi, I came across this question of yours where you were asking about LOD for home loan. I would like to share that I have a home loan and was unfamiliar with this term a few years ago. However, I enquired from the bank official and got an understanding of the subject. So, let me throw light on LOD to help you understand.

What is LOD Meaning in Loan?

To simply put it forward, LOD is an acronym which stands for List of Documents. But which documents are being talked about here? Well, these are the documents that a financial institution, such as a bank asks you for the processing of your home loan. They basically provide you an LOD where you’ll find all the documents that are required to be submitted by you. 

You can find the documents needed for a home loan at the Bank of Baroda

here

.

LOD for Home Loan Transfer

You can opt to transfer your home loan from one to another if you feel that the features given by your current loan provider aren’t good enough. You might come across a situation where you’ll want to switch to a loan which offers lower interest rates and additional benefits. So, let me share the list of documents to do the same.

• Letter of consent

• No Objection Certificate

• Foreclosure letter

• Home loan statement

• Property documents

• Post-dated cheques

So, these are the six documents you’ll have to provide to your existing loan lender for the processing of your home loan transfer. I hope this helps you to know about LOD letter for home loan.

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Read More Can home loan be transferred from one person to another?

The satisfaction of building a lifelong property for yourself arrives with the burden of a home loan. You put off saving money to buy the home of your desire for years. And I know the stress of repaying a loan as I have also taken one in the past. So let’s take a look at the LOD meaning.

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What is the meaning of the LOD home loan?

The bank will verify your debt repayment twice before issuing you a No Due Certificate (NDC). That specifically says that all of your loan's outstanding balances have already been paid.

You must verify that the borrower's name, the asset in consideration, the address, and the loan account information are all exactly as they appear on the NDC document. Kindly ask for the clearance of all your property-related documentation you have given to the bank when the bank grants you an NDC. 

As Raghabh said, when you apply for a house loan, the bank typically provides you with a List of Documents (LOD) that you must submit. As soon as you receive the supplied documents, check the list to see if anything is missing.

What is the list of the LOD document?

• Power of Attorney

• Loan Agreement

• Sale Deed

• Title Deed

• Security Cheques

• Income Proof

• Possession Letter

• Transfer Permission

• Bank Account Statements

• Builder buyer agreement

• Payment Receipt

You are now aware of the LOD meaning.

Read More: How to obtain mortgage NOC for a home loan? What is the role of a guarantor in a home loan? What documents are required to get mortgage NOC from CIDCO? What property documents are required for a home loan?

I didn’t realise how much paperwork was involved in the home loan process. I was not aware of many technical details and full forms. I asked the bank manager many questions like what is LOD full form in loan. After answering my questions, just like Hansa from the tv show ‘khichdi’, she said ‘main to that gayi bhaisaab ’. Keep reading to know what I learned.   What is lod in home loan ? The full form of LOD is List of Documents. When you apply for a housing loan, banks give you LOD. You are supposed to submit the documents mentioned on the LOD. Private banks and Public banks alike ask their customers for LOD.   What documents are mentioned on LOD in home loan ? Usually, bank LOD includes documents like:

1. Proof of Identity: Passport/ Voter ID/ Driving Licence/ PAN.
2. Proof of Address: Telephone Bill/ Electricity Bill/ Passport/ Bank Statement/ Passbook.
3. Property Documents: A copy of original sale deed, NOC from society, allotment-possession letter.

All the documents in LOD need to be original or attested copies of the original. At the time of availing a loan, the bank needs to make sure your credentials and details are valid and legal. They match all asset-related information with details given in the List of Documents (LOD).   After your application is approved, the bank returns all original documents given in the LOD to the applicant. I hope my explanation on lod full form in home loan was easy to understand and helpful for you. This is all from my end on LOD full form in loan. Give this answer a thumbs up. Want to check loan eligibility from the comfort of your home ? Check out NoBroker Home Loan services [widget_homeLoan_checkEligibility_form] Read more : Home Loan Comes Under Which Section? Best home loan insurance policy in India How Many Months Validity for Home Loan Sanction Letter?