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What is NOC Letter: How to Apply for a Home Loan NOC Certificate

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  • Highlights

  • What is a NOC Letter?

  • Features of the NOC Letter

  • Why Do You Need NOC Certificate?

  • How to Get NOC from Bajaj Housing Finance?

  • How to Initiate Bajaj Housing Finance No Dues Certificate Download

You may think your work is done after completing your home loan repayment process, especially when your EMIs have been stretched for some years. However, you should know that your home loan, even after the completion of repayment, will be considered active if you fail to collect your home loan NOC.

A home loan comprises three segments. After which your loan will be granted to you and you can proceed to enjoy the funds to address your home buying requirements. The second and most important part is the home loan repayment process. The last and the oft ignored part of a home loan is the loan closure formalities. It is here that a NOC letter is brought to the fore. It forms part of what you do to formally close a loan, so you must have custody of this letter if you don’t already. If you don’t have this document in place, it is very likely that you will be charged with extra dues, despite having cleared your loan in time.

At Bajaj Housing Finance, our goal is to be recognised as a customer-friendly company. Therefore, our clients are assured that their Bajaj Housing Finance NOC will be issued on time. Remember, the NOC letter states that you are free of the current home loan, so it's pertinent to get yours today. Read on to understand what a NOC letter is and why you should take advantage of Bajaj Housing Finance NOC online download. 

What is a NOC Letter?

A NOC (No Objection Certificate) letter is a legal document that serves as evidence of the customer having no more dues to be paid. It is issued by a bank or nonfinancial banking company and marks the close of the loan repayment period. It is also known as a ‘No Dues Certificate’.

A customer can take possession of a NOC letter only when the loan, EMIs, extra charges, and late-payment penalties included, have been paid off entirely. Another noteworthy fact about the NOC letters is that upon collection, the rights to the collateral used for the loan application process revert to the customer. 

Features of the NOC Letter

Upon repayment of the home loan, the NOC Letter pronounces you as the legal owner of the property. It certifies that you owe your lender nothing. It contains the loan account number and the loan closure date. With this document, you have total ownership of your property and can do with it whatever you please, even if it comes to the property sale.

The next section will show you the importance of a Bajaj Housing Finance NOC no dues certificate download. 

Why Do You Need Bajaj Housing Finance NOC Certificate Download?

In case you are wondering why you need a Bajaj Housing Finance NOC download, here are your reasons: 

  • A NOC letter acts as proof, backed by law, of you, completing the payment of all outstanding fees. With a home loan NOC, you regain possession of your property (collateral) and what's more—you can rest easy. Your lender will only record your loan repayment as “Complete” with the collection of your home loan NOC letter.
  • When you collect your home loan NOC, you're sending a message to future lenders, that projects you as an individual who can keep up with their debt commitments – raising your credit score significantly. Know that failure to collect your Bajaj Housing Finance NOC letter reduces your chances to secure a home loan with flexible payment plans. 
  • When you collect your NOC Letter, you eliminate the risk of being mandated to keep paying the loan amount that you have already settled.
  • Steer clear from a legal battle by collecting your NOC because your lender is backed by law to sue you if you have no proof of completing your home loan repayment. 
  • While applying for a home loan, you must have, per requirements, to submit some financial documents to the lender. Remember that these documents, the original copies, stay in the lender's care for the duration of the loan. To retrieve those vital documents, the collection of your Bajaj Housing Finance NOC letter is what's needed. Your items become yours only when this is done. 

How to Get NOC from Bajaj Housing Finance

There are a few steps that you must follow before you can get your home loan NOC from Bajaj Housing Finance. Here they are:

  • Send a letter to your lender requesting original copies of the documents used to apply for your home loan. Ask for copies of the invoice and your Bajaj Housing Finance loan NOC letter. We request you to be patient during this time as this usually takes a couple of days for processing. 
  • If the home loan is on an unregistered property, follow the above step.
  • If it's on a registered property, then we recommend a representative from Bajaj Housing Finance follows you to the Registrar of Properties' office to have the lien on the property removed. Afterwards, your NOC letter will be issued. 

How to Initiate Bajaj Housing Finance No Dues Certificate Download

To initiate a Bajaj Housing Finance NOC download, we recommend that you must have paid off all outstanding dues, EMIs included. Once this has been fulfilled, then you qualify for a Bajaj Housing Finance NOC certificate download. 

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Something to Note About a Bajaj Housing Finance NOC Online Download

Now that you know how to get NOC from Bajaj Housing Finance, you should have no problem performing the final formalities of your home loan closure. Remember: your home loan remains active, even after repayment, and this changes only with the Bajaj Housing Finance no dues certificate download. 

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