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Importance of NOC After Paying off Your Home Loan

Importance of NOC After Paying off Your Home Loan

Thanks to the availability of a variety of house loan options at attractive interest rate, buying a house has become easier. However, repaying a home loan is still a big responsibility to shoulder. A regular payment of EMIs, without disrupting your monthly obligations, can be difficult in tough times. Therefore, with the use of an online housing loan calculator, you can tailor a loan plan according to your needs.

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What Is an NOC?                                               

A No Objection Certificate (NOC) is a legal document stating that an organisation or individual does not object to the details mentioned therein. It is also referred to as a “No Dues Certificate” and can be obtained directly from your lender. The document also contains crucial information regarding your housing loan payment history which is vital for your credit score.

An NOC acts as a legal proof for the completion of your debt i.e., the home loan. This is why obtaining an NOC from your lender is extremely important. Here is why you must procure an NOC after paying off your house loan.

Additional Read– How You Can Repay Your Home Loan Quicker

To secure loan closure proof

Once your home loan repayment is complete, getting a loan closure should be the next step. An NOC issued by your lender acts as a proof that there is no outstanding amount left on your house loan. It is taken, essentially, to safeguard your property rights from the lender. When you check for a home loan online, ensure that your tenure and EMIs will compliment your financial health. An easy method to do this is by using a free online home loan EMI calculator.

For a flawless credit history

Your home loan eligibility is directly affected by your CIBIL score. Therefore, your CIBIL report is a database that must be updated once your entire home loan has been repaid. A bad credit score will reflect poorly on your ability to repay a loan. In such a scenario, chances are that your application for any future loans will be rejected. An NOC helps you to clear off any pending dues in your CIBIL report and even enhances your credit score.

Additional Read – CIBIL Score Myths Debunked

Preventing disputes with lienholder

Even if you have been consistent in paying off the EMIs on your housing loan, it has to reflect in your credit history. With the absence of an NOC from the lender, you will be unable to claim your rights on the lien, which in the case of a home loan, is your house. An NOC will also prevent the lender from making any false claims against you, thus protecting your actual housing loan repayment history.

At Tata Capital, we place a lot of importance on a smooth and hassle-free documentation process. We persevere in offering the best home loan interest rates for your dream purchases, offering both fixed and floating interest rates to suit your convenience. Get in touch with us today and apply for a home loan online.

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