NOC refers to the No Objection Certificate. This important legal document is also sometimes referred to as a No Dues Certificate. It’s a document that states that the home loan borrower has paid all home loan EMIs as well as successfully repaid both the interest and the principal component of their home loan and therefore, they are now the rightful owner of the property against which the loan has been taken. The lender has no right over this property and the concerned property is now lien-free.

After you have repaid your home loan, your lender will sanction you an NOC on their own. However, if they fail to do so, you can ask to get your home loan NOC by following these steps:

1. Visit your lender’s office and fill out the NOC transference form.
2. Submit the form. After this, your lender will check if you have repaid all loan EMIs.
3. If everything is clear, they will release the home loan NOC and send it to the property address mentioned in the papers you submitted to the bank.

All home loan borrowers can also download their loan NOC online by accessing their online home loan account. Once you have the home loan NOC with you, check it twice and make sure it contains all important details, such as your name, address, loan account number, date of loan repayment, etc. Further, all home loan borrowers and homeowners must keep their home loan NOC safe with them. If you lose this important document, you will be able to avail yourself of a second copy. However, the process of obtaining a second copy is difficult. You will have to first file a missing NOC FIR at a police station near your home.

Why is the Home Loan NOC important and Why Should You Have this Document With You

Here’s why the home loan NOC is important and here’s why you must always have this document with you:

1. Once you have repaid your home loan, avail yourself of the home loan NOC. The home loan NOC essentially serves as proof that you have repaid your loan and therefore, you are the sole owner of your property. Further, it is only after you have had the lien struck off from your property and established complete ownership over it that will you be able to have the title deed in your name and sell the property whenever you want.
2. In case of a dispute between you and your lender or another third party regarding property ownership, your home loan NOC will serve as proof of ownership and help settle things in your favour.
3. It is only after you have availed yourself of a home loan NOC will your lender release all the property and other documents that they had asked you to submit at the time of loan processing.
4. After you receive your home loan NOC, send it to TransUnion CIBIL. Once TransUnion CIBIL or any other credit information agency receives your home loan NOC, they will know you have cleared your home loan EMIs and repaid the loan within the stipulated period or before and without defaulting. They will, therefore, increase your credit score, which in turn, will make you eligible for another loan in the future and that too on better loan terms and conditions.

Also know about the Complete Guide To The Home Loan Process 

In conclusion, the home loan NOC is an important document. If you have repaid your home loan, make sure to get this document and keep it safely with you.