Society noc for mortgage
vishal
(Querist) 08 September 2013
This query is : Resolved
Honorable Expert Panel,
I had a query regarding NOC for Mortgage from Society.
I had bought a flat, with my dad as a co-applicant with a loan from a bank of Rs 20 lakhs. Had registered the Sale Agreement and
paid the Stamp duty and also all the amount except the loan amount to the Owner (Seller). Now to disbursed my loan amount check the bank needs an NOC from the society. It's almost 10 days now, iam awaiting for the same from the society. Now one of the member has informed me that Society will not issue an NOC for mortgage they will issue NOC for Transfer.
Will i be able to get the loan on basis of NOC for Transfer. Kindly suggest were do i stand in this deal, what are the legal provision available for me and what should i do.
Thanks
Vishal
Advocate M.Bhadra
(Expert) 08 September 2013
Society can not issue NOC for mortgage as because they have no authority regards to the title,mortgage or lease.On the basis of NOC for transfer the Bank can provide loan after mortgage the said flat.
Rajendra K Goyal
(Expert) 08 September 2013
Bank should agree to sanction loan on the basis of NOC from society regarding transfer.
ajay sethi
(Expert) 08 September 2013
as on date you have not paid full consideration to seller . you are not yet the owner of flat . it is only when you paid the full amount to seller and has completed trnasfer formailities will flat be trnasferred in your name .
for sanction of loan bank needs NOC from society wherein the society states it has no objection to flat being sold . on said basis bank should sanction the loan retain the original agreement for sale / share certifcate .
the NOC for mortgage will be given by society after flat is trnasfrrred in your name .
R.K Nanda 
(Expert) 08 September 2013
agree with experts.
Raj Kumar Makkad
(Expert) 09 September 2013
First of all become owner to the property or the NOC can be issued in favour of the present owner by soceity.
