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Bank is not willing to sanction loan without NOC from brother.
17-Sep-2023 (In Documentation Law)
if i am purchasing a property in my name and co applicant will be my mother, now the bank is asking me get a NOC from my brother that he will have no claim in the same. Without NOC will the bank not sanction the loan? In future i want to transfer the property to brother. Why do they need a NOC?
In case of unfortunate event if your mother die without leaving WILL then property is distributed under respective succession act of each religion e.g. Hindu Succession Act.
In this scenario, distributed among class I legal heirs i.e. Wife, Children and Mother of deceased. If the property is on Home Loan with mother being home loan co-applicant but not the co-owner then entire responsibility of clearing Home Loan rests with son or other legal heir.
In the absence of home loan co-applicant onus of clearing all liabilities would rest with all the legal heirs of deceased equally.
Hence for the said reason the bank is asking for NOC
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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