Notice of Intimation Charges: Everything You Need to Know
30 December, 2024
Synopsis
- The two primary fees while filling for an NOI are ₹1000 for filing and ₹300 for document handling.
- The Government Receipt Accounting System (GRAS) allows online payment of the filing fee.
- When filing offline, the document processing charge needs to be paid in cash, however the filing fee can be paid using GRAS.
Notice of Intimation (NOI) is a document required during the registration of a home. This document ensures that multiple Home Loans are not taken out on a single property. The practice of filing Notices of Intimation is in place to stop property fraud. However, there are fees related to filing an NOI. This article will explain Notice of Intimation charges and cover all the things you should be aware of.
What is an NOI?
To put it simply, a Notice of Intimation (NOI) is an important document which is a part of the Home Loan registration process. The purpose of filing the paperwork is to inform the relevant authorities that a Home Loan has been sanctioned for the property. The goal is to stop fraud involving real estate, such as multiple registrations or loans taken out on the same property.
Is NOI Mandatory for Home Loan?
Yes, while applying for a Home Loan, you must file for an NOI. The registrar's office is notified via this document that the necessary Home Loan has been funded for the designated property.
NOI Charges for Home Loan
Here are some charges typically associated with filing for an NOI:
A Notice of Intimation charge of ₹1000 is applicable regardless of the loan amount.
NOI charge for document processing is ₹300, and it only applies to the NOI's offline filing.
The fee for online filing can be paid using the Government Receipt Accounting System (GRAS).
Any permitted payment method, including GRAS, must be used to cover charges for offline filing.
Cash payments are required for document processing fees. Cheques for filing fees should be made payable to the Sub Registrar's office.
Documents Required for NOI Filing
You will require the following documents:
Stamp duty papers or electronic Secure Bank and Treasury Receipt for 0.2% of the loan amount.
A passport-size photograph of the applicant.
Document declaring the approved and sanctioned loan amount.
PAN card.
Index II property document.
Letter of intimation of mortgage with all necessary fees.
Documents as deposited for loan.
Original letter from the lending institution, duly signed or sealed.
How Does an NOI Work?
The bank will provide an agreement when you apply for a Home Loan. The agreement is registered as soon as both parties sign it; a Notice of Intimation (NOI) is not required. However, if the agreement is not registered within 30 days of receiving the first loan amount, the borrower must submit a notice of intent (NOI) to the Sub-Registrar Office. The borrower alone is responsible for this.
The validity of the loan and the interests of the parties involved may be jeopardised if the agreement is not registered and the NOI is not filed. Penalties outlined in section 89C of the Act apply to those who do not provide the notice within the specified time frame.
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*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Loan at the sole discretion of HDFC Bank Limited. Loan disbursal is subject to documentation and verification as per Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.
