It isnt the actual Temperature sensor that makes the noise, it is the sensor that tells the fans to speed up which create a loud noise.
The reason it is making the loud fan noises (high fan speeds) is because in the 2011 model iMac Apple introduced a new way of thermal management- they included custom machine specific firmware in each HDD it made for each brand of HDD it shipped.
When a user attempted an upgrade/replacement of a failed HDD with a new one, the iMac would detect that the firmware wasn't present on this new drive.
Thinking that the drive has overheated/failed the iMac goes into failsafe mode where the fans ramp up to protect its internal components from failure themselves, when in actual fact - no threat exists.
For solving this problem I can on,y recommend a return trip to the place that replaced your HDD.
But you could also fix it by manually controlling the fan speeds with utilities such as this: http://exirion.net/ssdfanctrl/
Good Luck 🙂