50 Documents Required In Case Of Loan Outstanding (NOC, LOD, Outstanding Amt )

50 Documents required in case of loan outstanding (NOC, LOD, Outstanding amt )

50th point out of 51 checklist for the property purchaser, by 11square feet / Amit Raut

Q - Whenever you buy a new house and intend to take a loan from a bank, the first thing your bank will ask for is the banking history of the old owner's housing loan, including a list of documents, NOC (No Objection Certificate), outstanding balance, and so on. Therefore, when you are buying a new property, don't forget to take detailed information from the seller about their housing loan.

This is crucial information for the new buyer, as they will be responsible for making remaining payments on the loan. Financial institutions may require a guarantee letter from the new buyer or a commitment letter from the seller. These documents essentially serve as a statement from the current owner of the house that there are no outstanding loans or debts on the property.

To understand the points of the next checklist, stay with us and follow 11 square feet! If you like the video, be sure to share it further, and save this video now to avoid future losses when buying property!