What Is Notice of Intimation (NoI) and Its Charges for Home Loans?_Banner_WC
What Is Notice of Intimation (NoI) and Its Charges for Home Loans?_WC
On April 1, 2013, with the sole intention of reducing the cases of property fraud, the Government of India came up with the concept of the Notice of Intimation or Home Loan Intimation Notice. The Home Loan Intimation Notice is an important document that notifies the concerned authorities that a Home Loan has been sanctioned against the specified property. Obtaining the Home Loan Intimation Notice is an important part of the Home Loan registration process. It’s a step that no homebuyers must forget. So, what are the notice of intimation charges for Home Loans? Read on to know the answer.
What is the Notice of Intimation Charges for Home Loans?_WC
What is the Notice of Intimation Charges for Home Loans?
Since the whole point of introducing the Home Loan intimation notice was to reduce the case of loan fraud, the concerned authorities have kept the NoI charges for Home Loans minimal so that everyone can afford to pay these charges. It does not matter what is the loan value you have applied for, the filing charges for the document remain the same and they are Rs.1,000*. If you are e-filing your certificate, you will be required to pay the charges online by visiting GRAS. If you are physically filing the NoI, you will be required to pay a one-time handling expense of Rs.300* in the form of a cheque designated to the sub-registrar’s office.
Documents Needed for NoI Filing_WC
Documents Needed for NoI Filing
If you are planning to file for a Home Loan intimation notice, other than paying the NoI charges for Home Loans, you will also have to submit certain documents. To experience a hassle-free process, keep the following documents ready with you. Keep in mind that you may be asked for the original documents also while filing for the Home Loan intimation notice. So, keep both the original as well as photocopies of the following documents:
- Stamp papers
- 0.2%* of the Loan Amount eSTBR
- Franked for Deposit Memorandum of title deeds with bankers stamp and signature
- You will also need to submit passport-sized photographs of all the borrowers mentioned in
- You will also need to submit passport-sized photographs of all the borrowers mentioned in the loan agreement. Apart from this, you will also need to submit all the borrowers’ PAN card copies.
- The loan sanction letter must be signed by both the lender as well as the borrower.
- The notice of intimation letter signed by the bank representatives and self-attested by the borrower.
- Photocopies of all the documents that you have submitted to your lender.
- Lastly, alongside these documents, you will also need to submit the original letter from the bank.
How Does the Concept of Home Loan Intimation Notice Work?_WC
How Does the Concept of Home Loan Intimation Notice Work?
When borrowers apply for a Home Loan, lenders pull out the borrower’s credit report and based on the result obtained, they decide the terms and conditions of the loan. If the borrower agrees with the terms and conditions, the lender and the borrower reach an agreement and the loan is signed. In this case, there is no need for the borrower to file for the Home Loan intimation notice as the agreement will be registered. However, if the lender and the borrower do not register the loan agreement, it becomes the duty of the borrower to submit an NoI to the sub-registrar office within 30 days* of the lender receiving the first loan EMI. If the borrower is not well-versed in the process of filing the Home Loan intimation notice, they do not have to do everything on their own. They can simply hire the services of an expert or a third-party executive. Borrowers whose loan agreement is not registered and who have not filed a Home Loan intimation notice with the concerned authorities are liable to pay penalties under Section 89C of the Act.
How to File the Home Loan Intimation Notice?_WC
How to File the Home Loan Intimation Notice?
If you are filing for a Home Loan intimation notice, know that the first thing you must do is pay the stamp duty on the property. The stamp duty will vary from state to state. A borrower can make payments by going to GRAS or Government Receipt Accounting System. Once you have cleared the stamp duty, during the next step, you will be required to attach duly-signed passport-sized photographs of the borrower to your NoI form. After doing this, get the form authenticated by a bank official and have them sign and seal the form. After this, send a photocopy of the notification letter along with the original to the Sub Registrar’s office. Once the Sub Registrar’s office receives all documents and the form, they will check all documents for accuracy and if they are satisfied, they will release a receipt as well as the acknowledgement on the photocopy of the notice.
If you are planning to avail of a Home Loan to fund your real estate purchase, do not think twice. Home Loans are an excellent way to fund real estate purchases. However, make sure to either get your loan agreement registered or apply for the Home Loan intimation notice to safeguard your interest as well as that of your lender.
Frequently Asked Questions_WC
Frequently Asked Questions
- The notice of intimation for a Home Loan is an important document that tells borrowers and lenders that a Home Loan has been sanctioned against the property in question. Obtaining this letter is mandatory if your Home Loan agreement is not registered. The Home Loan intimation notice safeguards lenders from cases of fraud. In the past, it has happened often that a borrower has taken more than one loan against a single property. The notice of intimation for a Home Loan helps protect lenders from such cases.
- The NoI charges do not vary based on the lender. Therefore, if you are availing of a Home Loan from Bajaj Housing Finance Limited, you will be required to pay Rs.1000* as NoI charges. If you are paying the charges offline, you will have to pay an additional Rs.300* as document handling charges.
*Terms and conditions apply.
Notice of Intimation and Its Charges for Home Loans _RAC_WC