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A Home Loan NOC (No Objection Certificate) is a legal document provided by the lender. It informs about the full repayment of the loan that was taken. It also mentions that the lender no longer has any right over the collateral property. NOC also has important information such as loan account number, name of the borrower, list of documents, address of the property loaned, date of loan repayment etc.

Why is a Home Loan NOC Document Required?

  • Improves credit score: Once the home loan is closed, the No Objection Certificate needs to be submitted to TransUnion CIBIL to get your credit profile and CIBIL score updated in their database. This process will help you boost your credit score if you do not have any pending loans. Furthermore, it will improve your eligibility for a home loan if you are planning to buy another house in the future.

  • Release of important documents: When you apply for a home loan, you are required to submit a set of official property-related documents to the lender. An NOC can help you claim these documents after you have repaid all your pending loan dues.

  • Removal of Lien: The Home Loan NOC is a very important document for loan closure, which must be submitted to the Registrar of Properties to get the lien struck from the property and receive the title deeds in your name.

  • Prevention of disputes: An NOC prevents future disputes with the lender and safeguards against anyone making false claims on the property or charging any wrong dues at a later date. With an NOC, you can claim the asset or contest any false charge in a court of law.

  • Can sell your property: Once you have an NOC certificate from the lender and have transferred the title deed to your name, you can sell the property easily. If certain documents are missing, the sale can be facilitated with the help of an NOC.

  • File an insurance claim: With the help of an NOC, you can easily raise an insurance claim if your property has been damaged. Under this, the insurer is likely to send the approved claim amount directly to the owner of the property instead of the lender. This can be extremely useful in case of emergencies. 

 

How to Get a Home Loan NOC?

The following are the steps to get a Home Loan NOC:

  • Step 1: Reach out to the lender and apply for NOC by filling up a form after paying the last EMI.

  • Step 2: The lender will process your NOC form by verifying the information provided by you.

  • Step 3: After the verification is successful and the application is processed, the lender will send the NOC through post to the registered address.

What to do if the NOC is Misplaced?

In case your NOC gets lost/misplaced, you can file an FIR at the nearest police station. A copy of the FIR along with the loan details and other documents should be provided to the lender in order to apply for a new NOC.

FAQs on Home Loan NOC

What is a Home Loan NOC?

A Home Loan NOC is a legal document that is provided by the lender, which informs about the full repayment of the loan that was borrowed. 

Is NOC required for a home loan?

Yes, an NOC is required for a home loan. If you have taken a home loan, you need to get an NOC after the repayment of the loan is done.

What to do if NOC expires?

A few lenders only issue NOC for a limited time, so check the validity of your Home Loan NOC. If it expires after a while, you will have to ask a lender to re-issue the Home Loan NOC, especially if you cannot submit the same to the registrar.

What is the validity of NOC?

While the time period varies from one lender to another, the NOC is usually valid for about 6 months. If it expires after a while, you will have to ask a lender to re-issue the Home Loan NOC, especially if you cannot submit the same to the registrar.

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