Completing all your home loan repayments, and having nothing more to pay back to the bank or NBFC, is an achievement that brings a lot of relief. Now you can sit back and enjoy your home without the stress of your EMIs playing on your mind. However, did you know how important it is to get your No Objection Certificate (NOC) from your lender after your loan is completed? Even if you have paid off the last EMI, it is only when you get the NOC from the bank that you can say that your home loan repayment is truly complete.
A NOC is the legal document issued by your lender, whether it is a bank or an NBFC, that you have no more dues to be paid. It is a document that clears you from any further obligation to the lender. This document will have all the information that pertains to you such as address of the property, date of loan closure, your loan account number, your own name and other details.
The NOC is an important document in the ownership of your property because it states that the bank has no right to the collateral (which was your property for which the home loan was availed) any more. It states that the property is now solely in your name and has been transferred back to you from being the collateral of the bank.
Apart from the reasons stated above, there are many other reasons the NOC is absolutely important to have. These reasons are as given below:
The NOC will be sent to your registered address by the bank. However, if your address has changed, you would need to either update the address or request to receive the NOC in person from the bank. The process for receiving the NOC is as given below:
Once you have received your NOC, your home is truly yours.
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