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Upon completing the repayment of your Home Loan, you receive a No Objection Certificate or an NOC. The NOC is a legal document issued by your lender, stating that you have repaid the full Home Loan repayment amount and have no more dues to be cleared.
The document contains details of your Home Loan, such as your identification details, loan account number, property details, and the date of loan closure. Effectively, your Home Loan NOC is proof of your loan repayment and legally frees you of all obligations toward your lender, making it an absolute necessity for you to have it. More importantly, the certificate ensures that the ownership of your property is restored to you.
The Home Loan NOC is an integral element of your loan account closure. Listed below are the uses of a Home Loan No Objection Certificate:
- Your credit profile and CIBIL score are updated to reflect the loan closure, after you receive your NOC. This update is important as it records that you have cleared all repayment dues within time, keeping in line with the agreed-upon schedule.
- You get back all property-related documents that the lender kept in their possession through the repayment tenor, restoring full ownership of the property to you. As a property owner, you should have all the original documents in place for legal effect and to secure an additional loan against the property if you need to, in the future.
- Your Home Loan NOC protects you legally from allegations of loan default or pending payments.
The Process to Download a Home Loan NOC
While there are non-electronic ways to get the Home Loan NOC, we will dwell on a faster method. Note that this is only possible if you received a loan amount from an NFBC or Non-financial Banking Company. Just log in to the online customer portal, peruse your loan details, click on NOC. Download the document that's displayed on the next page. If you'd like, it can be delivered to your registered email address.
How to Get a Home Loan NOC From Bajaj Housing Finance
There are three main ways to get a home loan NOC from Bajaj Housing Finance and they are:
- Write to the lender requesting your documents involved in the loan application process, plus the NOC. Expect delivery in a few working days.
- Go online to download the NOC. Find more details about this in the previous section.
- The above methods will work for an unregistered property, if it's registered then you and an agent from the lender will visit the Registrar of Properties' office to get the NOC.
*Terms and conditions apply
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