Are you planning to take out a loan against your property? If so, you need to file some essential legal documents to ensure the process goes smoothly. One such document is the NOI, which informs about the deposit of title deeds. While this may sound daunting, the good news is you can now file the NOI (full form - Notice of Intimation) for a Home Loan online. But before you dive in, it's essential to understand what the process entails, including the charges you may incur and the steps involved in registering your loan agreement with an NBFC. Don't worry; we've got you covered.
In this article, we'll provide you with all the information you need about e-filing NOI and registering your loan agreement, so you can feel confident and prepared when you take the next steps towards securing your loan.
Notice of Intimation is a legal document you must file with the lender to notify about the deposit of title deeds. It is an essential step in the process of obtaining a loan against the mortgage of a property. Through the introduction of e-filing, you can get the Notice of Intimation regarding the deposit of the title deed in simple steps mentioned below:
Step | Description |
---|---|
1 | Register on the website of the concerned authority |
2 | Prepare the Notice of Intimation Regarding Deposit of Title Deed on an appropriate stamp paper |
3 | Upload the notice on the website in PDF format |
4 | Make the required fee payment using online payment methods |
5 | Wait for the verification and approval of the notice by the concerned authority |
6 | Receive the acknowledgement of the approved notice on the website |
Here's a table that summarises the charges for NOI in Home Loans:
Charges | NBFC | Government |
---|---|---|
Stamp Duty | Varies based on state and loan amount. | Usually ranges from 0.1% to 0.5% of the loan amount |
Processing Fee | Varies based on the NBFC. Usually goes up to 3% of the loan amount | [1] No processing fee charged by the government |
CERSAI Charges | Rs 50 to 500, depending on the loan amount | |
Legal and Valuation Charges | Usually ranges from Rs 5,000 to 10,000 | Varies based on the government agency and ranges from Rs 2,000 to 5,000 |
The procedure for registering an agreement with an NBFC at the time of getting a Notice of Intimation (NOI) is as follows:
Why is e-filing the NOI important for home loans?
E-filing the NOI simplifies the process of notifying authorities about the deposit of title deeds, making it faster and more convenient. It helps ensure that all legal requirements are met, preventing delays in loan disbursement.
How does filing an NOI protect against fraud?
Filing an NOI verifies the authenticity of the property documents and establishes the lender's right to the mortgaged property. This helps prevent fraudulent activities and ensures that the loan process is transparent and secure.
Why is the Notice of Intimation important for a mortgage loan?
The NOI ensures legal compliance, facilitates loan disbursement, protects against fraud, reduces legal risks, and enables further loan disbursement. It establishes the lender's right to the mortgaged property and is a mandatory document in the home mortgage loan process.
How do I register a loan agreement with an NBFC?
To register a loan agreement with an NBFC, draft the agreement on appropriate stamp paper, sign it with co-borrowers and witnesses, submit it along with required documents to the NBFC, pay applicable registration and stamp duty fees, and then the NBFC will register the agreement with the Sub-Registrar of Assurances.
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