According to the data, the vast majority of Indian homebuyers (67%) make use of a loan to fund their acquisition. Loans for the purchase of a home are typically repaid over a longer period of time, resulting in lower monthly payments. You can unwind at last after the last Equated Monthly Payment (EMI) is made. Before you can officially call the loan closed, the lender must issue a no-objection letter for the home credit loan. This article explains why a NOC for a home loan is necessary, how to go about obtaining one, and what an official NOC letter should look like.
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