[Tmdl.edu.vn] Find out more about NOI and its charges in this story

Under the provisions of Section 89B of the Registration Act of 1908, a notice of intimation (NOI) of the home loan of property must be provided to safeguard the interests of financial institutions and society. Find out more about NOI and its charges in the sections below. 

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What is meant by “Notice of Intimation”?

Notice of Intimation (NOI) is, in the simplest terms, a component of the home loan registration procedure. The document is filed to notify the appropriate authorities that a home loan has been funded. The new rule, which went into effect on April 1, 2013, is intended to prevent property-related fraud, such as numerous registrations of the same house or several loans secured by the same property. 

How does NOI work? 

• When you submit an application for a home loan, the financial institution that will be providing the loan, often a bank, will produce an agreement. Once both parties have agreed to the terms of the agreement, it will be registered. In this scenario, there is no need for NOI to be completed. 
• If, on the other hand, the agreement is not registered, the mortgagee (the borrower) has 30 days from the time the first loan amount is disbursed to submit an NOI to the Sub-Registrar Office under whose jurisdiction the specific property falls. This deadline begins when the mortgagee receives the first loan amount. 
• It is the entire responsibility of the borrower, not the responsibility of the financial institution, to submit the Notice of Intimation. You might do this by using the services of a third-party executive.
• It is possible that the mortgage’s legality will be jeopardised and that the interests of the parties will be harmed if the agreement is not registered and the notice of intimation (NOI) is not filed.
• Anyone who does not provide this notice within the allotted amount of time is liable to the penalties that are outlined in section 89C of the Act.

Deposit of title deed notice for NOI through e-filing

The term “e-filing” refers to the practice of submitting documentation electronically. Since the implementation of this system on April 1, 2013, home loan borrowers have had the option of submitting their Notice of Intimation through the online platform. Section 89B of the Registration Act of 1908 makes this clear. In the event of a mortgage, this is accomplished by depositing the relevant title documents.

The home loan Intimation Notice was created for a good cause. Previously, there were instances of fraud throughout the house buying and selling processes, both on the side of lenders and borrowers. There were duplicate registrations on several properties, costing the borrowers money. Multiple mortgages for the same property from various lenders were found, which was detrimental to the banks. The introduction of NOI filing was made to stop these losses and damages.

As was stated before, After 30 days have passed after the first loan payment was made, the borrower is no longer eligible to submit a Notice of Intimation for the mortgage loan. Punishments as set out in Section 89C of the Registration Act apply if the borrower fails to submit the Notice of Intimation.

Steps for filing Notice of Intimation (NOI) 

The steps for presenting an intimation notification are outlined below. Make sure you follow the rules before submitting the notice.

• Make the necessary Stamp Duty payment.
• Following Article 6 of the Maharashtra Stamp Act of 1958, stamp duty must be paid. That is, 0.1% if the loan amount is less than Rs 500000/-, and 0.2% if it is greater than Rs 500000/-. A stamp tax of Rs 100/- is due on the notice if stamp duty has already been paid on another document related to the same loan transaction, such as a Memorandum of Agreement.
• The Government Receipt AccountingSystem further accepts payments for stamp duty and filing fees (GRAS).
• Attach the passport-sized photos with the mortgagor’s signature/s thumb impression/s
• Have the bank authenticate it with the relevant bank official, who must affix his signature and seal.
• A photocopy of the notification and the original must be sent to the Sub Registrar by the mortgagor.
• If Stamp Duty is paid on another document according to Article 6 and Rs 100 is paid on the notice, an authenticated copy of the other document must be attached to the notice.
• After the documents and the stamp duty have been turned in, the Sub-Registrar will check them all for accuracy. The Sub Registrar will then provide a receipt for the filing fee and document handling fees, as well as an acknowledgement on the photocopy of the notice after validating the Stamp Duty.

NOI charges for Home Loan 

• Regardless of the total amount of the loan, there is a filing charge of Rs 1000.
• The document handling expenses of Rs 300/- are only required to be paid in the event of a physical filing (they are not required in the event of an online filing).
• In the event of e-filing, Stamp Duty and Filing Fees must be paid electronically through GRAS (www.gras.mahakosh.gov.in)
• In the event of physical filing, Stamp Duty and filing fees may be paid using any authorised method, including GRAS (www.gras.mahakosh.gov.in).
• If the filing fee must be paid by check, it must be made payable to the corresponding Sub Registrar’s office in the respective city. The document processing fees must be paid in cash.

Documents required for NOI filing 

• Original and photocopies of the following documents must be signed and stamped by the bank’s authorities.
• 0.2% of the Loan Amount eSBTR / Stamp Papers / Franked for Deposit Memorandum of title deeds with bankers stamp and signature – Photocopy
• Passport-sized photographs of all of the borrowers.
• Accepted Sanction Letter (photocopy) with signatures from lenders and credit managers.
• Copy of all borrowers’ PAN cards.
• Recent Index – 2 – copies.
• Notice Of Intimation regarding mortgage presented through deposit of title deed with Rs. 100 stamp paper or franking and Rs. 300 in addition to handling fees.
• The “Notice of Intimation” must be signed by a bank representative with self-attested identification.
• List of deposited documents – Photocopy.
• Original letter from the bank, including routing information.

Contact information: Queries and grievances 

In the event that you have any queries or complaints, please get in touch with one of the following offices:

If you have any questions or concerns about preparing NOI documents, you should only get in touch with your bank.

FAQs

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