{"id":516,"date":"2021-02-06T07:15:15","date_gmt":"2021-02-06T07:15:15","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=516"},"modified":"2022-08-04T08:34:43","modified_gmt":"2022-08-04T08:34:43","slug":"no-objection-certificate-noc-in-home-loan","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/no-objection-certificate-noc-in-home-loan\/","title":{"rendered":"No Objection Certificate (NOC) In Home Loan"},"content":{"rendered":"\n
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The\nterm NOC letter is well known to all home loan borrowers who have availed the\nhome loan from the lender Banks\/NBFCs\/HFCs. Undoubtedly, they must also be\nwell-versed with the fact- what NOC stands for and its significance in home\nloan. Irrespective of the NOC certificate\u2019s significant role in the home loan,\nwe find very little is spoken about how, when, why and from whom to obtain the\nNOC for home loan. The blog therefore is written to highlight instances when\nthe NOC needs to be obtained and <\/p>\n\n\n\n

why it\nis important to have a No objection certificate for home loan<\/strong><\/a>. <\/p>\n\n\n\n

Meaning Of NOC – Home Loan NOC<\/strong><\/h2>\n\n\n\n

NOC\nstands for \u201cNo Objection Certificate\u201d and is a legal document issued by the\nlender\/borrower\/concerned authority stating that they have no objection to the\nmentioned details in the documents. At times also referred to as \u201cNo Due\nCertificate\u201dor \u201cNo Objection Letter\u201d, obtaining the NOC for housing loan from\nthe following is of vital importance in home loan<\/strong><\/a>\/mortgage loan<\/strong><\/a>.<\/p>\n\n\n\n

  1. Builder NOC for home loan OR\nNOC letter from society. <\/li>
  2. Sibling NOC for home loan.<\/li>
  3. NOC from bank for home loan closure.<\/li><\/ol>\n\n\n\n

    All the\nthree above are to be obtained in the prescribed bank NOC format. Each\nBank\/NBFC\/HFC have their own prescribed NOC format for home loan.<\/p>\n\n\n\n

    What Is Home Loan NOC<\/strong><\/h2>\n\n\n\n

    Home\nloan NOC letter is used in three contexts in the mortgage industry, each of\nwhich is pivotal in the home loan mortgage industry. Lets understand each, and\nfind what does the home loan NOC certificate means. <\/p>\n\n\n\n

    1. NOC from builder for home\nloan & NOC from society for home loan: <\/li><\/ol>\n\n\n\n

      At the time of home loan disbursement the ledner\nBank\/NBFC\/HFC demands a no due certificate for home loan in order to avoid legitimacy\nfor funding the property. The borrower has to obtain the Bank NOC letter on the\nletterhead of the respective authority i.e. builder, society, government\nhousing authorities such as MHADA, CIDCO, KDMC, MMRDA , etc. <\/p>\n\n\n\n

      In case of builder under-construction\/ ready to move properties or\nresale properties<\/strong><\/a> where the society is yet to be formed the no objection\nletter for bank needs to be obtained from the builder or from the respective\nhousing authorities. (Purchasing An Under-Construction Property? Here Are The\nImportant Loan Facts You Must Know Before Making A Purchase<\/strong><\/a>). In case of resale\/ ready to move property purchase<\/strong><\/a> where the society is formed,\nthe NOC needs to be obtained from the society. <\/p>\n\n\n\n

      Importance Of Home Loan NOC<\/strong><\/h2>\n\n\n\n

      The NOC contains the following important information<\/p>\n\n\n\n