A No Objection Certificate (NOC) is an essential document for selling or purchasing a property. NOC is required to prove that a building abides by the terms and conditions of an organization. Read more to understand what is NOC certificate or what is NOC letter.
When you buy or sell a property you hear about various types of No Objection Certificates (NOC). A Government body or a financial institution issues the NOC to clarify that there is no legal hassle in a property.
No Objection Certificate from Society or BuilderIt is crucial to get the NOC from the society or the builder to know that the property you are purchasing is free from any dues. You need NOC when you purchase property taking a loan from the bank. You must show the NOC to society so that they can transfer your property.
No Objection Certificate from BankBuilders or construction complete their projects by mortgaging their property. During taking the mortgage the builder must show a No Objection Certificate. A bank cannot give a builder Mortgage before showing the NOC.
No Objection Certificate according to RERAUnder section 15 of the Real Estate Regulatory Authority or RERA, if a promoter or developer is transferring the rights and liabilities of his property to a third party then the promoter or the developer has to get the No Objection Certificate from the 2/3rd of the allottees working for the project.
No Objection Certificate from CollectorIn some states, it is mandatory to get the NOC from the collector to transfer the property. While leasing lands the lessor needs to take the NOC from the collector.
No Objection Certificate of Court by AdministratorAccording to Section 307 of the Indian Succession Act, 1925, an administrator can choose not to mortgage or transfer the immovable property without prior permission by the court.
How to get the No Objection Certificate?You need to write a letter to the authority mentioning why do you need the NOC.
If a building fails to abide by the construction laws the No Objection Certificate will not be given by the authorities. The authorities grant NOC after a strict inspection.
Hope you know what is NOC, and its importance.
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What is No Objection Certificate?
Parul Dubey
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3 Year
2021-09-21T18:30:10+00:00 2021-09-21T18:43:59+00:00Comment
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