An NOC (no objection certificate) is a legal document issued by a bank or a housing fiancé firm to a customer stating that he or she has no outstanding dues towards the lender.
NOC impacts your credit rating:
Due to ignorance, a lot of people don’t bother to get the NOC after totally paying off an outstanding loan. With CIBIL in place, not many realize that for a future loan, their credit score will always be consulted. If the close of a previous loan hasn’t been updated on CIBIL it’ll guide to a sub-par credit score. Then, only an NOC comes to one’s aid as it’s the document that can show that the past loan was indeed paid.
Getting your NOC:
Though all lenders are expected to send the No Objection Certificate to the consumer via registered post following the loan has been paid off, one may still fail to acquire it due to delayed dispatch, change of address, etc.
Not having this document can guide to numerous complicated issues. For instance, if you are looking for a quick home loan in Bhopal, it’s essential to get the NOC bearing the appropriate details about the property. It must bear the address of the home, name of the consumer and also the loan account number. If you’ve taken a home loan & your property is registered, then the copy of NOC have to be surrendered to the registrar of properties to acquire the lien of hypothecation struck off, failing which, the lender persists to be the owner of the home & one can’t sell it. In addition, in the event of any accidental damage & following insurance claim, the payment will be provided to the lender & not to you.
Misplacing your No Objection Certificate:
What if you took a No Objection Certificate in the past but misplaced it later & require it now? First of all, an FIR is usually needed to be filed regarding the loss of the NOC. Then a request to the lender has to be made with a duplicate of FIR & all the loan details. However, acquiring a duplicate No Objection Certificate may take time & effort to follow up.
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