Ganga Associates

18/01/2021

Housing Loan and Mortgage loans

contact: Ganga Associates, Hosur

31/12/2020

Happy New Year 2021

May this year brings you wealth & Health

24/12/2020

Housing Loans & Mortgage Loans in 15 days & 8%
For Salaried & Self Employed

17/12/2020

We make your Dream Possible... Home Loans @ 15 days

14/12/2020

House Construction Loans
House Purchase Loans
Mortgage Loans
Takeover & Topup Loans
@ 15 Days timeline with 8% Rate of Interest

12/12/2020

House Construction Loans
House Purchase Loans
Mortgage Loans
Takeover & Topup Loans

@ 15 Days timeline with 8% Rate of Interest

27/11/2020

12/11/2020

NOC after closing loans

You might experience a feeling of accomplishment after clearing all home loan EMIs, but it could soon cost you significantly if you fail to collect the NOC for the house once the loan has been fully paid. Hence, you cannot breathe easy just yet; you must carefully obtain a NOC from the lender specifying that all dues have been cleared as of date.

What is NOC?
NOC or No Objection Certificate, in terms of loans, refers to a legal document issued by the lender proving that the home loan has been paid in full and no outstanding principal, EMIs, penalties or fees are due from the borrower.

What is the importance of a NOC?
NOC serves as a legal proof that all dues have been cleared, which implies the lender has no rights on the property or the collateral.

Moreover, it also reflects your creditworthiness to future lenders. It has a great impact on the CIBIL score. Once the home loan has been paid in full, the borrower must collect the NOC and submit it to CIBIL so that the credit history is updated. An updated credit history shows that the loan was timely and duly paid, which further impacts the future loans. Also, in case CIBIL is not updated, it causes a blow to the credit score, which can only be rectified by presenting a NOC.

How to get the NOC?
Generally, the NOC for the house is sent by the lender to the registered addressed as per the loan documents, once the loan has been closed. However, in some cases, it might get lost in transmission or be mailed at a wrong address, etc. Thus, a borrower must be cautious and ensure that the NOC is received and mentions all relevant details, along with the validity of the NOC. For registered properties, the NOC should be submitted to the registrar for the legal transfer of property. Failure to submit this could lead the lender to have control over the house.

What happens if NOC is misplaced?
In case of a misplaced NOC, an FIR needs to be filed, a copy of which along with the details of the loan, should be submitted to the lender asking for a new NOC. The process might take longer and require continuous follow-ups.

Overall, it is very critical to collect a NOC and ensure it has all relevant details, authentic validity and is duly updated in the CIBIL.