It has gotten simpler for us prospective homebuyers to apply for loans as more NBFCs, or Non-Banking Financial Companies, have released lending apps. I have seen that many people still have concerns, particularly when it comes to selecting between a traditional bank and an NBFC. I had doubts in my mind whether NBFCs return property papers of home loans or not. I asked my banker friend and she helped me understand it.
Get home loans at an interest rate starting at 7.8% via NoBroker, here.Will NBFCs return property papers of home loans India?
Banks and NBFCs preserve all original property documents, such as the sale deed and the conveyance deed, on hand when they offer you a loan and provide you with a paper stating the submissions. And they do return the property papers of home loans when the loan is over. Make sure you pick up these extremely private documents in person during repayment rather than having the bank mail them to you. Check to see if everything you sent in has arrived and that nothing is missing.
Be aware that your bank will require you to sign an acknowledgement statement stating that you have received all of the bank's paperwork. Therefore, double-examine the paperwork before signing the acknowledgement document to save yourself the hassle of having to go back to the bank if anything is missing.
After getting the original paperwork, you must request a no-dues certificate from your lender. A NOC, or "no objection certificate," is a legal document that proves you have paid the whole sum and have no further debts to the banks. Although banks are required to mail you this document, we advise going in person to your branch to pick it up.
Banks Vs. NBFCs: Which one to Choose for Home Loans
It is debated whether to choose a bank or an NBFC when it comes to home loans. It is dependent upon the borrower's financial state and the terms and conditions of the lender that one selects.
As we've seen, obtaining a loan approval from an NBFC is simpler than obtaining one from a bank. While obtaining a house loan from an NBFC, you can take advantage of a wide range of additional advantages that banks do not typically offer. Therefore, in order to compare and select from the available possibilities, one should take into account the interest rate, repayment period, offers available, loan fees, etc.
I hope this explains to you will NBFCs return property papers of home loans or not.
Read More: What Is NBFC Company? Does NBFC Come under RBI: Is NBFC Regulated by RBI? What is the difference between NBFC and a bank?Your Feedback Matters! How was this Answer?
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Will NBFC Return Property Papers of Home Loans?
Deepika
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2023-01-23T09:58:44+00:00 2023-01-23T10:01:23+00:00Comment
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