After paying the full EMI of the home loan, a document must be obtained from the bank or financial institution. This document will ensure that the bank or financial institution does not have any claim on your property after paying EMI. It also has many other benefits.
If you have also taken a home loan, then you must read this news. After taking home loan from any bank or financial institution, repaying its full EMI is a big relief. However, after paying EMI, you can be sure to complete the required work once. In fact, after home loan repair, you should get a NoC - No Objection Certificate. NoC is a type of certificate that shows that you have repaid home loan and you have no liability to the bank or financial institution. Obtaining NoC is important in many ways.
Bank has no claim on property after taking N0C
- If you have also taken a home loan, then you must read this news. After taking home loan from any bank or financial institution, repaying its full EMI is a big relief. However, after paying EMI, you can be sure to complete the required work once. In fact, after home loan repair, you should get a NoC - No Objection Certificate. NoC is a type of certificate that shows that you have repaid home loan and you have no liability to the bank or financial institution. Obtaining NoC is important in many ways.
Bank has no claim on property after taking NOC
You should take NoC when you have fully repaid home loan to bank or financial institution. This simple certificate ensures that you do not have to pay any money to the bank or financial institution. Also, after taking NoC the house is completely yours. A bank or financial institution cannot claim your property.
Many a times it happens that after repaying the entire EMI of a home loan, you may get some arrears from the bank or financial institution. In such a situation, NOC should be obtained to avoid this. This is a kind of legal document that states that you do not owe any money to the bank or financial institution. This is also known as the No Dues Certificate.
Credit score will be affected
Once you take NoC, then only your last loan close is considered. If you have not taken NoC, then your previous loan will not be considered completely closed. Your credit score will also be affected. So, while applying for a loan in future, you may have some problems.
Usually, it would have been sent to the NOC by a bank or financial institution through a registered post at the customer's address. That is why it is also important to ensure that your address and mobile number are correct or not.
Insurance will also benefit
One advantage of NoC is that if you have got the property insured then the claim will be given to you directly. In case of not taking NOC, the amount of this insurance claim will be given to the lender. For these reasons, it is important for you to get the NOC from the bank or financial institution after repaying the full EMI of the home loan.
