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Loan Closure

My loan has been paid successfully. How do I get my NOC (No Objection Certificate)?

The loan cycle consists of three major stages, they are:

  • Loan approval
  • Repayment of Loan
  • Loan Closure

Most are aware of Loan Approval and Repayment, but few are familiar with Loan Closure Formalities. In this blog, we are going to cover the final stage of loan closure formalities


Once the loan is paid successfully, a loan closure certificate is generated, which is the NOC (No Objection Certificate). The loan closure certificate is an important document issued by the lender indicating that you have no outstanding dues toward them. Your loan cycle ends once you collect the “Loan Closure Certificate.”

For example:

One of my clients successfully paid the home loan amount of Rs. 36 lakh. Immediately after the payment, he could download the “Loan closure certificate” from his online loan account.

Refer to the below Loan Closure Certificate:

We did not visit the branch to complete the loan closure formalities. Instead, we logged into our online loan account, paid the final outstanding amount, and downloaded the “Loan Closure Certificate.”

In case your bank has not provided the option to download the loan closure certificate online, you must visit the branch to complete the closure formalities. The bank will close your standing instructions or autopayment of your loan and issue a “Loan Closure Certificate” sealed & signed manually by bank authority

The manual “Loan Closure Certificate” looks like the below image:


For consultation, please write to us pgnproperties@gmail.com or WhatsApp to +91-97424-79020

Thank you for reading…

Categories
Affidavit

How can I get a No Objection Certificate (NOC)?

No Objection Certificate, popularly (NOC), is a legal certificate issued by any agency, organization, institute, or individual to say that they have no objection to the mentioned details in the certificate.


Four steps to get a “No Objection Certificate”

  1. Drafting
  2. Stamp paper
  3. Printing
  4. Notary

Let me explain the procedure in detail below

  1. Drafting:

Prepare the NOC draft in Word format, a draft looks like the below image.

2. Stamp Paper:

Buy Rs. 100 non-judicial E-stamp paper from co-operative bank, court or sub-registrar office near you.

Following are the details required to buy a non-judicial e-stamp paper

  • Applicant Name: Your name
  • Description of Document: Affidavit
  • First party name: your name
  • Second-party name: Concern Authority
  • Purchased by: Your name
  • Stamp duty: Rs. 100
  • Contact No: Your contact number (though it will not shown on stamp paper)

The fee for e-stamp paper is Rs. 100 (stamp duty)

Vendor processing fee Rs. 10

The total cost is Rs. 110.


3. Printing:

Print the draft on non-judicial e-stamp paper.


4. Notary:

Carry the following documents to a Notary public near you

  • Printed NOC
  • ID Proof – Preferably Aadhaar or passport for notary cross-verification

The notary public reads the NOC and verifies the ID proofs

Sign the NOC in front of the Notary. Notary seal & sign the NOC. Notary makes an entry in notary book.

The notary charges around Rs. 50.

A notarized NOC looks like the below image

This completes the procedure to get a “No Objection Certificate” (NOC).


We provide end-to-end assistance to get “No Objection Certificate”. To opt for our service, please write to us pgnproperties@gmail.com or WhatsApp to +91-97424 79020.

Thank you for reading…