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Loan for Property and sign on NOC what to do
09-Jul-2023 (In Banking / Finance Law)
My brother is taking loan for purchasing a new property from an Indian bank. My brother wants me to sign a no objection certificate for taking loan / provide him written consent that there will be no claim on his property in future by me. My brother claims that this has been asked by the bank. I being a younger sibling, Can this be true that unless I do not provide NOC, bank will not sanction my brothers loan.
See there are two things if there is any ancestor property then of course your noc is compulsory but if he is purchasing a new property and for that property he is taking loan on his own name then you do not need to sign any where. i guess he is showing your ancestor property as collateral security for taking that loan. make him clear about all thing.
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Adv. Rajat Goel
Delhi | 25+ Answers
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IF YOU ARE ONE OF THE CO SHARER OF THE SAID PROPERTY THEN YOUR NOC IS ALSO REQUIRED NOT ONLY YOURS BUT ALSO OF ALL OTHER CO SHARERES....BY GIVING NOC IN FAVOR OF BANK YOU HAVE GIVEN THE RIGHT TO THE BANK THAT IN CASE YOU BROTHER DOES NOT FULFILL THE PAYMENT OF LOAN THEN THE BANK WILL HAVE RIGHT TO SALE OUT THE PROPERTY FOR THE REPAYMENT OF LOAN AND YOU HAVE NO OBJECTION IN IT.
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Adv. Sandeep Saini
Delhi | 100+ Answers
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