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Is NOC mandatory to get bank loan
06-Jun-2023 (In Banking / Finance Law)
I want to purchase a flat in Pune through resale , Yet society not reform , Builder are demanding higher amount to give the NOC , kindly suggest what I do? I will be needed Loan but bank need NOC from Builder or society , it is mandatory or not kindly advise. for loan , If I can not arrange NOC than what can I do for Loan . Kindly Suggest.
Dear sir, for Banks loans NOC of society is not required. Mortgage is not invalidated for want NOC from society. In your case it is unfortunate on part of the builder to ask for any amount for NOC. When society is not formed, builder has to give NOC to create mortgage stating that he will not sell the said flat to anyone else and he will record lien of Bank in case loan is disbursed.
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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