Updated: Aug 12, 2022
Watch what laywers have to say about the NOI.
Video courtsey by Mirror Now
Expert: Kartik Jhaveri, Founder and Director of Transcend Consulting (India) Private Limited.
Question: I have recently purchased a flat in Pune but I stay in Mumbai. Due to some family problems, I couldn't able to file loan intimation within 30 days. Now registrar is not ready to accept it and due to the delay, I will have to pay 1% of property rate + Rs 30,000 as a fine which sums up into the big amount. What recourse I can avail to this?
Answer: If the mortgage agreement is executed and registered then you don't need to file the notice of intimation.
Registration must be done within a month from the date of the loan agreement. The penalty for delay in registration is 1 % of loan amount. If the mortgage agreement is not registered initiate a filing of the notice of intimation. Pay stamp duty and registration fees. Registration fees are Rs 30,000 or 1% of loan amount. Take an appointment at the sub registrar's office. Both lender and borrower must be present before the registration officer. Unfortunately, you will have to pay the penalty there is no way out of it.