Introduction
A little over 10 years back, the Indian government introduced a new concept of Home Loan Intimation Notice (HLIN) in the cases of property funded by home loans. The idea was to reduce the number of property related frauds, wherein borrowers were taking multiple loans on the same property or registering the same property more than once. The idea of the HLIN was to reduce the incidence of real estate frauds.
Under the Home Loan Intimation Notice (HLIN), the statutory authorities are informed when a property is purchased and a home loan is taken for the said purchase. Typically, the home loan intimation is part of the home loan registration process. Borrowers can choose to either register the home loan agreement or they can just choose to give a home loan intimation notice. But first a little more on HLIN.
What Exactly Is Home Loan Intimation Notice?
The home loan intimation notice or the notice of intimation has been around only for the last 10 years. The purpose of the home loan intimation is to inform and update the statutory authorities that a home loan has been sanctioned against the said property.
Now, once this notice of intimation is filed, the statutory authorities will not allow the registration of that property unless there is evidence shown that the loan has been full repaid.
That will also do away with the risk that somebody else may fraudulently register the property in their name, using forged documents. Now that becomes very tough. The home loan intimation notice is an integral and indispensable part of the home loan registration process.
In the last 10 years, this home loan intimation notice has gone a long way in reducing the number of property related frauds, especially in an industry where there is still a lot of unstructured deals, data, and procedures.
Are There Any Notice of Intimation Charges?
There is a charge payable in the form of notice of intimation charges, which is generally a very nominal sum of money. To make it affordable (being an impost on the borrower), the charges for notice of intimation of home loan have been kept at a nominal level of just Rs. 1,000. Under the extant regulations, the onus to file the notice of intimation to the statutory authorities rests on the home loan borrower.
However, the Home Loan Intimation Notice can be sent to the authorities for registration only after the stamp duty for the property is fully paid through the state GRAS (government receipt accounting system) online. Once the payment is made, the same has to be filed with the authorities along with a copy of the notice of intimation charges paid and a copy of the stamp duty on the property paid acknowledged duly under bank seal, within 30 days.
Steps In Filing Notice of Intimation with Sub-Registrar
Broadly, there are 3 steps that have to be followed for filing the notice of intimation with the sub-registrar.
- First and foremost, ensure that the stamp duty is paid on the value of the property to the state. The stamp duty is normally at the rate of 0.2% of the value of the property and this has to be paid on purchase of property.
- The Notice of intimation has to be filed with the photographs and the biometric proofs of the lender & the borrower, to be submitted to the sub-registrar office online through the e-GRAS module.
- The duly filled up original Notice of Intimation, after payment of notice of intimation charges, and proof thereof. Such stamp duty payment must also be duly acknowledged by the bank and the same to be submitted in original and duplicate to the sub-registrar office. The acknowledgement is proof that the NOI has been submitted on time.
Let us finally turn to the specifics of the online filing of notice of intimation on home loan.
Details To Be Filled Up in NOI Submission Online
When the e-filing is done on the GRAS website for the notice of intent, then there are some basic rules to be followed in this case.
- The Franked stamp duty receipt must be uploaded, duly acknowledged by the lending bank.
- The online uploads must include the PAN card copies of the borrower as well as the passport size photographs of the borrower in a clear white background. Also, a copy of the notice of intimation along with the notice of intimation charges paid receipt must also be enclosed in this filing.
- Since the notice of intent (NOI) pertains to the loan taken from the bank for the house property, the original sanction and disbursement letter from the bank must also be submitted.
- All documents must be provided in duplicated i.e. originals and self-attested photostat copies.
- The applicant must also provide a list of documents submitted in a separate enclosure for verification.
That completes the process of filing notice of intimation, after the payment of notice of intimation charges.