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Closing Home Loan Like a Pro: Balance Transfer Made Easy


There's nothing quite like the feeling of achievement when you make that last payment on your home loan and realise that you have finally closed your home loan. It's a moment of relief and joy that you will want to share with your loved ones. You are now the proud owner of your home. But with the celebrations come responsibilities. To make sure everything is in order, it's critical to understand the process of closing a home loan.

This blog covers the essential details you need to know, to make your home loan closure official. So, take a deep breath, pat yourself on the back, and let us help you navigate this exciting milestone in your financial journey.

Closure Checklist

  1. 1. Get the “No Dues” Certificate:

One big thing you need to take care of in the loan closing process - getting a 'No Dues Certificate' or NDC. This document is very important because it confirms that you have settled all your dues with the lender and that they have no claim on your property. When you are getting your NDC, make sure it includes all the essential details like your property address. Keep both hard and soft copies of the NDC for future reference. Having an NDC is crucial if you ever plan to sell your property after your home loan closure.

  1. 2. Removing Property Lien:

You may be familiar with the term "lien". A situation where a lender holds the right to the property until the debt is paid off. However, this can be an obstacle if you are looking to sell the property. In such cases, lien removal becomes the key to the home loan closure process. You must visit the registrar's office with a representative from the lender's side to confirm if all outstanding debts have been cleared.

  1. 3. Update your Credit Score:

Now it's time to update your credit records. This can take up to a month to update, about 20-30 days. So make sure you get a copy of your credit report and double-check that it has been updated. If it hasn't, don't panic. Just reach out to your lender and give them a friendly nudge.

  1. 4. Requesting your Original Documents:

Collect all the original documents you provided the lender while availing of the loan during your home loan closure. These could be things like your Sale Deed, Title Deed, Loan Agreement, Power of Attorney, and more. But don't just grab them and leave. Make sure they are in good condition and that none of the pages are missing or damaged.

  1. 5. Get Your Loan Repayment Bank Statements:

Obtain all loan repayment statements from the bank to avoid potential problems down the line. Keep in mind that failing to receive all statements means the home loan closure procedure is not fully complete. So, make sure you get your hands on those statements ASAP.

  1. 6. Collect the Updated Non-Encumbrance Certificate:

A Non-Encumbrance Certificate is a legal document that shows all the financial transactions related to your property. It's necessary to update this certificate once your home loan is closed. The process is simple. Just visit the Registrar's office, fill out an application, and you are all set.

  1. 7. Home Loan Closure via Balance Transfer:

If you're currently paying high-interest rates on your home loan, you might be feeling the pinch. There's a solution that can help you save money and reduce your monthly payments. Save money on your home loan payments by transferring your loan balance to IIFL Home Loans. Enjoy competitive interest rates and lower EMIs, and get instant approval in just 30 minutes. To learn about how you can transfer your loan balance, check out our page. Apply soon and start saving!


There are a lot of details involved with a home loan closure. We hope this post has cleared up any questions you may have had about the home loan closure procedure. If you need more information about your loan closing process, please reach out to us. We look forward to helping you with your next home loan. For all your home loan needs, give a quick visit to our home loan page for further details.