No Objection Certificate for Home Loan

Home Loan NOC Certificate

Everything About Home Loan NOC and How to get It

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A home loan NOC is a legal document that is provided by the lender that informs about the full repayment of the loan that was borrowed. It also mentions that the lender has no more right over the collateral property. The no objection certificate 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 house loan is closed, the no objection certificate needs to be submitted to the CIBIL to get your credit score and credit profile updated in their database. This process will help you increase your credit score if you do not have any pending loans. This will improve your eligibility for home loan if you are planning to buy another house in the future.

  • Removal of Lien: The home loan no objection certificate (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: A NOC prevents future disputes with the lender and from anyone making false claims on the property or charging any wrong dues on a later date. With a NOC, you can claim on the asset or contest any false charge in the court of law.

  • Can sell your property: Once you have a NOC certificate from the lender and have transferred the title deed to your name, you can sell the property easily. If there is an absence of documents, it might be easy.

 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 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.

Process to Download a Home Loan NOC

There are non-digital ways to get a Home Loan NOC. This option is only available if you have received a loan from a Non-financial Banking Company (NBFC).

  • Step 1: Log in to the online portal, verify your loan details, tap on ‘NOC’.

  • Step 2: Download the document that is shown on the next page. It can also be sent to your registered email address. 

What Happens if NOC is Misplaced?

A Home Loan NOC is a very important document that ensures the smooth transfer of ownership of property. In case it gets lost/misplaced, file a FIR at the nearest police station.  A copy of the FIR along with the loan details and other documents are requested by the lender.

How to Get a Bajaj Housing Finance Home Loan NOC?

There are various ways to get a Home Loan NOC from Bajaj Housing Finance:

  • Step 1: Write to the lender requesting your NOC. Expect the delivery to happen in a few days.

  • Step 2: Go online and download the NOC through the digital portal.

  • Step 3:  The above methods will work only for an unregistered property, if it is registered then an agent and you will have to visit the Registrar of Properties' office to get the NOC.

FAQs on Home Loan NOC

  • ✔️What is Home Loan NOC?

    A no objection certificate or home loan NOC is a legal document that is provided by the lender that informs about the full repayment of the loan that was borrowed. It also mentions that the lender has no more right over the collateral property.

  • ✔️Is NOC required for a home loan?

    Yes, a NOC is required for a home loan. If you have taken a home loan, you need to get a NOC after the repayment of the loan is done. Apart from this, you should also ask for a NOC if you have closed a Loan Against Property (LAP). In the case of a LAP, after the repayment of the loan, the ownership of the property will be completely under you.

  • ✔️Is NOC required for a bank loan?

    In order to apply for a loan at any branch or to close a loan account, a NOC is required. Without this document, the new lender will not be able to process your request. A NOC letter is as important as having a good credit score as it shows the timely payment of EMI’S.

  • ✔️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 letter. 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?

    NOC remains valid for a time period of 6 months. However, go through your NOC letter as it varies among lenders. 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.