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Notice of Intimation

Updated: Jul 9, 2021

You can do it while sipping a cuppa coffee.


What is exactly Notice of Intimation (or NOI, as they call) ? Why I've to do it ? Why they need it ?


I started with thinking it is not my cuppa tea to understand this. Thought to do whatever my bank guy asks for....


but then I retracted the thought and decided to take a dive. And to my surprise, the process wasn't difficult at all.



Let's understand what it is


“I figured the questions in my mind aren't unique. As a total layman in this world, I decided to understand it in detail and write this blog so that you'll get to know what, why, where, how and when.”

Buying a house is not an easy task.




Buying a house is not an easy task. It starts with short-listing of the locations followed by viewing the property in the evenings and/or weekends, finalising it, convicing the spouse, more visits, finally finalising it, talking to the builder or the owner, arranging the adequate financial resources and so on. One thing which is usally kept secondary is the legal proceedings. I always thought the bank will do the formalities or at least tell me what to do. In general, when it comes to buying the house, internet is full of information on the properties, housing loans, income tax benefits etc.


However, most of us would be unfamiliar with what is “filling of notice of intimation in case of mortgage by way of deposit of title deed”.


E-filing


E-filing of NOTICE OF INTIMATION in case of mortgage by way of deposit of title deed is ineffect since April 1, 2013. E-filing means online or electronic filing of notices of intimation of mortgage of property as specified in Section 89B of the Registration Act, 1908. There's always a scope for fraudulent practices like availing loans from #multiplebanks on same property or disposing of the property which is already mortgaged. Therefore, these amendments have been brought with the objective of preventing frauds.



It is quite an easy process if you rely on the coach. All you have to give is a few documents; none of which is new. You have already submitted it during the process of a property loan. You can very well do it online by logging onto the Government's website. However, it's little bit tedious, not user-friendly. It is easy to make mistakes on their website but equally difficult to rectify them. In short, even Sachin Tendulkar needs a coach; so do you. And this is certainly true in the world of 'law', isn't it ?


What is stamp duty for MOD?

Stamp duty is chargeable as per Article 6 of the Maharashtra Stamp Act, 1958, i.e. @0.1% if the loan amount is Rs 5 lakh or below, and @0.3% if the loan amount is above Rs 5 lakh.

In case of mortgage by the way of deposit of title deed: If an agreement is executed or signed between the mortgagor and the mortgagee, it has to be compulsory registered. The usual time limit for registration is four months from the date of execution.

It is a pretty complicated process, this is mainly because the government's website is a bit tedious and not at all user friendly. Most of the terms used in the website may not be known to people who aren't familiar with it. Also, the website in in marathi, which makes things difficult for those who can't read the language.

As it is a legal notice, you have to make sure all right things are in right place. A slight blunder may lead you into filing a wrong notice, and you will have to start the whole process over including repeating the payment.

Hence, people who are experienced in e-filling are more equipped and suitable to complete this process. This will help to complete this process without making any mistakes.


It is for your own safety



There's always a scope for #fraudulentpractices like availing loans from #multiplebanks on same property or disposing of the property which is already mortgaged. Therefore, these amendments have been brought with the objective of #preventingfrauds.


In case of mortgage byay of deposit of title deed done on April 1, 2013, and after:

If an agreement is executed or signed between the mortgagor and the mortgagee, it has to be compulsory registered. The usual time limit for registration is four months from the date of execution.


If such agreement is not executed, then the mortgagor has to file a notice of intimation of such mortgage. This notice should be filed within 30 days from the date of mortgage.

When an agreement is executed and registered according to clause (1), then filing of notice of intimation is not required.


The non-registration of agreement/ non-filing of notice of intimation may defeat the legality of the mortgage and cause injury to the interests of parties involved. Any person who fails to file such notice within the prescribed time limit shall be liable for punishment under section 89C of the Act.



I did it


I did it quite comfortably, 100% online and before the coffee mug is empty.”



Yes, I literally, practically, truely did it while sipping a cuppa coffee. You can do it online yourself directly with the Goverment website. However, the problem is the technicalities and legalities. In simple words, even Sachin Tendulkar needs a coach; so do you. And this is certainly true when it comes to the word 'law', isn't it ?


What Legal Solutions provide

We do the filling for you, you just have to give a few documents. We take care of all the filling, uploading and submitting and making sure your NOI is completed on time. Hence, you can even do it while sipping a cup of tea.

So go ahead and start you application on this website, we'll take care of the rest.



Lastly...


It is quite easy process if you rely on the coach. All you have to give is a few documents; none of which is new. You have already submitted it during the process of property loan. Start creating your own blog now.


Good luck, do the NOI, have a peace of mind.



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