NOI stands for notice of intimation. It is part of the home loan registration process. A NOI is usually submitted to inform the registrar’s office about the disbursement of a home loan. Before availing a home loan, I also wondered is notice of intimation mandatory for home loan or not, and on researching, I learned a lot of things. In simple words, know that it is actually mandatory. Let me share more details about it.
Is NOI for home loan mandatory?
NOI is mandatory for availing a home loan. It is a declaration that a home loan has been approved for the given property. It prevents the lending institution from giving out several loans to the same borrower. The time limit for filing an NOI is a month, or 30 days.
What are the NOI charges for a home loan?
You will need to pay a filing charge of Rs 1,000, irrespective of the loan amount. In several cases, document handling charges are also levied, which are about Rs 300. I hope this clarifies is notice of intimation mandatory or not.
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NOI stands for Notice of Intimation. It is a part of the home loan registration process so yes it is mandatory to get it. It is submitted to inform the registrar office regarding the disbursement of a home loan.
However there are cases when it is not required as well. Sometimes the money lending institution or bank makes an agreement of their own and both the parties agree to its terms and conditions and sanctions the loan. In such cases there is no need for NOI.
It is better to ask the bank and institution about it and get the exact details.
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Is NOI mandatory for home loans and not??
Sarjerao Sutar
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2022-07-20T18:48:44+00:00 2023-06-16T12:43:17+00:00Comment
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