The relationship between the client and the bank usually does not end after the last payment on the loan. As a rule, some more actions are required. And from both sides. Especially if we are talking about a secured loan - a mortgage or a car loan. After all, the borrower must at least remove the encumbrance.
Let's talk about what will happen after the loan is fully repaid, what actions and in what sequence the borrower and the bank need to perform.
What to do after paying off your mortgage
Perhaps the most complicated procedure. It can become simple only changsha mobile number database if the borrower has sufficient legal literacy or in the case of full assistance from the bank. Therefore, do not hesitate to contact the support service for help.
What you need to do first:
Once you have made a full repayment of the mortgage, make sure there is no debt. The money should be credited - usually you can track the information in the bank's mobile application, but sometimes it is worth checking the data at the nearest office. If you "closed" the mortgage before the deadline set by the contract, then you may need to submit an application for full early repayment - otherwise the money will remain in the account and continue to be written off according to the schedule.
Order a set of documents confirming the absence of debt to the bank. This may be a statement from a credit account, which shows a zero balance, as well as a certificate in the bank's form about the absence of debt to the creditor. Ordering documents is not necessary, but since we are talking about a loan for a large amount, it is better to be on the safe side.
Take the mortgage. The document serves as confirmation of the transfer of real estate as collateral for the loan before its repayment. In this way, banks minimize the risks associated with the borrower's refusal to make payments. However, repayment of the loan obliges them to transfer the mortgage to the client. The bank returns the document with the seal and signature of a competent employee. It is also indicated that the borrower has fully fulfilled his obligations to the creditor and there are no claims against him.