Q1. Is stamp duty refundable if the sales deed is cancelled?

Ans. When a refund request is submitted, the property buyer can get a return of 98% of the stamp duty paid on any cancelled sales deed.

Q2. What is the maximum amount for the stamp duty refund?

Ans. Within four years of Revenue stamping the instrument (written document), the date on the stamp certificate, you must file your claim for a stamp duty refund.

Q3. Are the costs associated with registration refundable?

Ans. In this instance, registration fees are not reimbursed. Within six months of the stamp duty payment date, you may request a refund if the document still needs to be registered.

Q4. What is the sale deed's validity?

Ans. A sale agreement executed without registration is valid for three years after that date.

Q5. What distinguishes a sale deed from a deed of sale?

Ans. When the sale is not completed, an agreement of sale is usually employed. It entails the parties agreeing to the conditions of the transaction by signing a contract to sell the property. At the same time, an official legal document known as a sale deed formalizes the agreement between the buyer and seller to sell real estate.

Go Back to blog listing page

How to Get & Download Home Loan NOC Certificate?

By IIFL Home Loans | January 11, 2024 1 min

No feeling can be better than completing your home loan! Now you completely own your dream home and have no debt attached to it whatsoever. But before it all settles down, you need to complete certain formalities associated with your home loan. You need to obtain certain important documents from the lender including the NOC, property documents, etc.

In this article, let’s understand the importance of NOC and how you can get your home loan NOC certificate.

What is Home Loan NOC?

NOC, also known as the No Objection Certificate, is one of the most crucial documents in home loan closure formalities. NOC is used to lift any restriction. In the case of a home loan, NOC denotes that you have paid all your EMIs and any other charges payable and you do not owe anything to the bank or financial institution against your home loan. It is also popularly known as the No Dues Certificate and is issued by the bank or financial institution to the borrower after the completion of the home loan and payment of all the dues.

How to get a Home Loan NOC?

As no objection certificate indicates the closure of the loan, it is issued by the lender after all the formalities are fulfilled. Generally, it is sent by post to the borrower and contains all the crucial information regarding the loan like your name, loan account number, date of closing the loan etc. In case you don’t receive the NOC, you can even ask for NOC from your lender.

Most banks and financial institutions now have mobile applications or websites that provide all these features. You can directly visit their website or mobile application, search for the NOC option, and apply for the same.

Importance of No Objection Certificate

Every borrower should ensure to obtain home loan NOC certificate from the lender. Following are some of the crucial reasons behind the same:

Helps Avoid Legal Trouble: NOC is a legally valid document that indicates that you don’t owe anything to the bank or financial institution that financed your home loan.
Proof of Repayment: NOC acts as the proof of repayment of all your dues against the home loan. After the issue of NOC, the bank can’t approach or trouble you stating that your dues are pending whether as principal, interest, or any other charge, including penal charge.
Updating Credit Score: After your loan gets closed, banks need to intimate the same to credit bureaus. Eventually, your credit report should indicate the status as closed. In case the status of your home loan is not updated in your credit report, then you can submit your NOC to the credit bureau and get your loan status updated.
Property Transfer: If you wish to transfer property, then NOC acts as a no-objection certificate for property transfer. If your home loan is running, then you can’t transfer property without the permission of the lender.

How to obtain NOC from IIFL Home Loan?

Getting the no-objection certificate from IIFL Home Loan is quite simple and easy. You can raise a service request directly from the IIFL Home Loan’s website. Click here to visit the website and enter your loan account number. You can then proceed to raise the service request. In case you find it difficult to apply for NOC online, you can also visit your nearest IIFL Home Loan branch. Our executives will complete the entire formalities and process your request as soon as possible.

In a Nutshell

Once you complete your home loan, finishing the formalities is important to avoid any hassle and legal trouble ahead. Obtaining a home loan no objection certificate is a crucial step to closing your home loan and ensuring that no dues are outstanding and you don’t have to pay anything to the lender, whether now or in the future. If you skip this step, then the lender will still have the right to claim dues from you in the future regarding your home loan. Therefore, you should ensure to obtain your home loan NOC certificate at the earliest.

IIFL Home Loan is one of the pioneering institutions in the home loan space. It helped numerous people fulfill their dream of owning their own house. With affordable interest rates, flexible terms, and quick processing, IIFL Home Loans gives you a seamless home financing experience. You can also calculate your home loan EMIs by simply using the IIFL Home Loan EMI Calculator. By just entering the loan amount, tenure, and interest rate, you will get your monthly EMIs as well as the total interest you will end up paying during the tenure of your home loan. Apply for the IIFL Home Loan now!

FAQs

Q1: What is the eligibility for a home loan?

Ans: Different lenders have different eligibility criteria for home loans. The common eligibility criteria require the applicant to be a resident of India, aged between 18 years to 75 years and must either be a salaried or self-employed person.