{"id":519,"date":"2021-02-06T08:06:18","date_gmt":"2021-02-06T08:06:18","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=519"},"modified":"2022-08-04T08:27:19","modified_gmt":"2022-08-04T08:27:19","slug":"noc-for-home-loan-closure","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/noc-for-home-loan-closure\/","title":{"rendered":"NOC (NO Objection Certificate) For Home Loan Closure"},"content":{"rendered":"\n
\"NOC<\/figure>\n\n\n\n
\n O<\/em><\/strong>btaining a NOC is a most important\n foreclosure procedure which is as important as availing a housing loan. Many\n borrowers sit back after paying their last home loan EMI unaware of the fact\n that the home loan is not yet closed unless it is legally documented by the\n lender. NOC is this legal document which claims that the borrower does not\n owe more to the lender. <\/em><\/strong>\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

In our previous post we have already discussed in brief about\nNOC, its significance & when- in what context the NOC is mandatory and\nneeds to be obtained. (Click here to read the complete post). In the present\nblog we will highlight the magnitude of NOC in particular to the closure of home loans<\/strong><\/a>. <\/p>\n\n\n\n

No Objection\nCertificate Meaning<\/strong><\/h2>\n\n\n\n

On closing the home loan, it is important the borrower takes 2\nimportant documents from the lender Bank\/NBFC\/HFC: 1) The original documents\nwhich are in lender\u2019s custody pledged for availing the home loan & 2) Home\nloan no due certificate i.e. No objection certificate (NOC). <\/p>\n\n\n\n

Also referred to as no dues certificate, an NOC is a legal document\nwhich is to be obtained from a lender once the home loan<\/strong><\/a> is\ncompletely\/fully paid off. (By fully paid off means, with the repayment of the\nentire principal and interest amount thereon, any closure charges if any, late\npayments or other overdue amount or outstanding dues if any are also paid\nback). It acts as a legal proof which claims that the borrower has paid off his\nhome loan completely and does not owe any more to the lender and that your\nproperty is now collateral free. The lender therefore does not have any legal\nrights on the property collateral henceforth. (Collateral is the house property\nthat is pledged with the lender Bank\/NBFC\/HFC, against which the lender\nprovides funds to the borrower for purchasing the house in the form of home\nloans)<\/p>\n\n\n\n

Also read: Everything you must know before applying for a housing loan.<\/strong><\/a><\/strong><\/p>\n\n\n\n

Why Is it Important To\nObtain The NOC Post Closure Of Home Loan?<\/strong><\/h2>\n\n\n\n

It is observed that owing to ignorance, often the borrowers fail\nto obtain the NOC for loan closure from their lender upon completion of their\nhome loan. On the other hand, it is also noticed that very little, however, is\nspoken on what needs to be done upon successful closure\/ completion of home\nloan. Therefore, let us understand the prominence of obtaining the home loan\nclosure NOC once the home loan is foreclosed.<\/p>\n\n\n\n