Notice Of Intimation

Documents required

Below are the documents required for an NOI for a home loan:

Photocopy of eSTBR loan amount or stamped papers or a stamped deposit receipt with stamp and signature: You need to submit a photocopy of 0.3% loan amount eSTBR or stamped papers or a deposited memorandum with the signature of the bank officials to submit an NOI.
PAN cards: You must submit a photocopy of the borrower's PAN card when filing an NOI.
Passport size photographs of all beneficiaries: You must submit passport size photographs of all borrowers associated with the property and home loan.
Current index: you must provide two copies of the current index.
Notification of receipt: You must submit the notification with a title deed of Rs. 100. The notification will inform the officials about the mortgage of the property. Also, an authorized bank official must sign and stamp the Notice of Intimation to enhance its credibility.
Original letter from the bank: submit the original letter from the bank showing the loan and mortgage, including the routing information.
Photocopy of submitted documents: Finally, provide the list of all the documents you submitted when filing the NOI.

A Notice of Intimation (NOI) is a document that is essential for registering a home loan. This document informs the authorities that a home loan has been financed. The practice of issuing a Notice of Intimation has been in force since April 1, 2013: to prevent real estate fraud, multiple registrations of the same house and multiple loans for the same property.

The functionality of an advance notice

Below you will find some of the functions of an invitation announcement:
First of all, a notice is not required if both parties, the recipient and the lender, agree to the terms and conditions when agreeing to a home loan.
However, if the borrower is required to register the agreement within 30 days, the lender will file the notice with the sub-registrar’s office in whose jurisdiction the property falls.
It is the responsibility of the borrower to file the notification
Failure to file the notification will result in penalties.

Steps for filing a notice of initiation

Pay Stamp Duty: Stamp Duty is the tax levied on the property of the state. It is payable under Section 3 of the Indian Stamp Act, 1899. The duration of Stamp Duty at the time of registration depends on the value of the property. You have to pay the stamp duty as soon as you buy the property.
Attach passport size photos of the mortgage or lender with signature or fingerprints: You must attach passport size photos of the lender along with their signature or fingerprints when you submit an advertisement for a home loan.
Attest the stamp duty with a competent bank official: After attaching passport size photographs and the lender's signature, you must get the stamp duty attested by a competent bank official with his/her signature and seal to enhance the credibility of the document.
Submit a photocopy and the original NOI to the sub-registrar: Once you have notarized your NOI, you must submit the original and photocopy of the notification to the sub-registrar of the property.

If you are paying stamp duty on another document, you must pay Rs. 100 on the notification as per Article 6 and attach a certified copy of the other document. After you have submitted all the documents, the Sub-Registrar will check them and issue you with a receipt for the submission of the fee and document processing charges and a confirmation on the photocopy of the notice after confirming the stamp duty.

Submission of the Title Deed Notice of the NOI by e-filing

Individuals applying for a home loan also have the option of filing their notice online. The term e-filing refers to the practice of filing documents online or electronically. Section 89B of the Registration Act, 1908 deals with this aspect.

Here are the steps you can follow to file a notification online:

Visit the e-filing website: Visit the e-filing website to file the home loan notification.

Log in to the e-filing portal: Enter all your credentials to log in to the e-filing portal.
Make a note of the token number: After logging in, enter your token number and make a note of it beforehand.
Select the date: Click on the correct date when filling in the details
Click on the Mortgagor details option: Click on the Mortgagor details option to fill in the mortgage details
Enter the loan amount : Enter the exact loan amount
Select the party representative
Enter all mortgagee details, including photo and thumbprint.
Enter the property details: Enter the details of the property you are purchasing with the home loan
Enter the amount of stamp duty and application fee, GRN number and date.
Click on Save and Close.
Click on the 'View' and 'Submit to SRO' option to submit the advertisement to the SRO.

As mentioned in the article, you must file an NOI after taking out a home loan to avoid real estate related fraud, such as fake registrations for the same properties and multiple loans taken out for the same property.

NOI fees for home loans.

Here are some NOI fees for home loans:

The notification fee is Rs. 0.5% of the loan amount or a maximum of 15000.
The cost of processing the documents is Rs. 300; this applies
If you submit the NOI online, you can pay the fees through GRAS
If you are filing the NOI offline, you will have to pay the fees through an authorized and accepted method. You can also pay the fees through GRAS.
Fees paid by check must be made payable to the appropriate Sub-Registrar's Office where you are purchasing the property.
Always submit the NOI on time to avoid consequences. A Notice of Intimation not only helps avoid confusion regarding the property, but also serves as official notification of the property's status.

FAQs:

WHAT IS THE DEADLINE FOR FILING THE COMPLAINT

The complaint should be filed within 30 days from the date of the mortgage.

CAN THE DEADLINE BE EXTENDED IN EXCEPTIONAL CASES OR OTHERWISE?

No. As this is a statutory provision and not an administrative instruction, the deadline cannot be extended.

Is Not mandatory for a home loan?

Yes, a Not must be submitted when applying for a home loan. This document is used to inform the registry office of the disbursement of a home loan.

WHAT HAPPENS IF I DO NOT COMPLETE THE NOTICE OF REGISTRATION?

Failure to register the agreement or to submit the notification may affect the legality of the mortgage and harm the interests of the parties involved. Any person who fails to file such notice within the prescribed period shall be liable to prosecution under Section 89C of the Act.

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