Home Loan NOC

We all dream of owning a home at some point in our lives. Despite current inflation rates, you can own a home today courtesy of the excellent home loan services that Bajaj Housing Finance offers. Some technicalities are to be understood during the tenor of your home loan. One of such is the Home Loan NOC.

NOC stands for No Objection Certification. It is a legal document, handed out by your lender, to state that you have successfully repaid all your outstanding home loans, inclusive of the EMIs. To qualify for the issuance of a home loan NOC, you must no longer be in your lender's debt. You will find significant information like your name, your loan account number, and the address of the property. The property is the one that you applied to own upon payment of the outstanding charges.

The importance of this certificate can not be overlooked. A home loan NOC is one of the ways by which you can identify as the legal owner of the home in question.

Some of the benefits of a home loan NOC include but aren’t limited to:

• You can claim the documents and collateral used for your home loan application process. Getting your home loan NOC issued to you ensures that you reclaim your important documents.
• Higher credit ratings mean your loan application process will be less tedious. Upon paying your outstanding loans, your credit rating is updated. This is achieved when you collect your NOC, a document that certifies the completion of your loan repayment.
• Getting your NOC from the lender secures your freedom from the loan in question. Sometimes, you may be required to keep paying back the loan after the actual completion. Affirm your financial freedom with your home loan NOC.
• When you collect your NOC, you pass a message to future lenders by saying that you are trustworthy and can repay the home loan within the stipulated period. Also, you may want to make your house collateral for a future loan, so know that your home is not yours till you collect the certificate. The document announces that you are the home's legal owner.
• Avoid legal action by your lender for non-completion of your loan repayment, interest included. Your home loan NOC is admissible evidence that you have finished repayment.

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.

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.