Managing a home loan can be overwhelming as individuals have to pay EMIs, identify issues in payment (if any) and many other things. However, the home loan process does not end with repaying the entire loan amount. Individuals have to collect NOC (No Objection Certificate) from the lender once the repayment is completed.
If you are an existing customer of Bajaj Finserv, you can easily get a Bajaj Finserv Home Loan NOC. Read on to know about the home loan NOC certificate and the process of availing it.
What is a home loan NOC?
A home loan No Objection certificate is a legal document that financial institutions issue once borrowers have repaid the home loan amount (principal and interest) in total. This legal document declares that the borrower has no outstanding dues towards the lender. Home loan NOC contains information like the name of the borrower, loan account number, date of loan closure, and address of the property.
Subsequently, the importance of the NOC certificate cannot be stressed enough. Read on to know about the necessity and benefits of obtaining a home loan NOC.
How to get a Bajaj Finserv Home Loan NOC?
Existing customers of Bajaj Finserv can avail a home loan NOC from the Bajaj Finserv customer portal Experia. Read on to know about the process in detail-
Step-1- Visit the official Bajaj Finserv Experia website.
Step-2- Login to Experia by providing your registered mobile number, email ID or customer ID.
Step-3- Click on e-statements section.
Step-4- Download home loan NOC directly.
Individuals can also download home loan NOC from Bajaj Finserv Experia App. The customer portal Experia ensures an enhanced home loan availing experience. By using this portal, individuals can enjoy several benefits. These are discussed below,
- Through the Experia portal, individuals can check pre-approved offers available on financial products (secured and unsecured loans).
- They can view loan details, such as track EMI payments, identify mismatches in payment, etc.
- Individuals can purchase other consumer durables, such as home appliances, electronic gadgets, through this portal and convert them into no-cost EMIs.
- Also, they can update contact information and log in details online through this portal.
Importance of a home loan NOC
Below are discussed the importance of a home loan NOC-
- Get property documents
When individuals apply for a home loan, they need to submit important documents to lenders. These documents remain with the lender until the loan amount is paid in full. To get these important documents back from the lender, individuals must repay the entire loan amount and collect NOC.
Therefore, the home loan No Objection Certificate is an essential document for loan closure. After obtaining an NOC from a lender, individuals have to submit it to the Register of Properties. Then, they can remove their property from the lien and receive the title deed copies in their name. Existing customers of Bajaj Finserv can get home loan NOC from the Bajaj Finserv customer portal-Experia.
- Improve credit score
Once individuals have repaid the home loan amount, they need to submit NOC to the CIBIL department and update the CIBIL score. This will help them to improve their credit score as they do not have any outstanding loan amount. Further, updating the CIBIL score helps to improve home loan eligibility if they wish to apply for a second home loan or any other financial product.
- Prevent disputes
Home loan NOC helps individuals prevent disputes with lenders and any false claims on property. With this legal document, individuals can contest any false charge on property in a court of law.
Further, this document plays an important role while selling off the property as individuals can have title deed transferred in their name and release other important documents from lenders.
Now that individuals know about the process of getting a Bajaj Finserv Home loan NOC, they can easily download it from the Experia portal and enjoy a sense of true ownership.
Additional Read: How to use a Loan Against Property Calculator?