Noc to morgage
UDAY KANITKAR
(Querist) 02 December 2014
This query is : Resolved
Background -
- I sold a new, ownership flat, (with no loan/liabilities on it, has CC, OC) owned solely by me.
- The builder gave possession of the flat to me in March 2014 end , and I sold the flat in July 2014. The builder still is looking after the building, and society is yet to be formed.
- The purchaser needs a loan of Rs. 10 lakhs, towards the payment, to me.
- Now, the bank has approved his (purchaser's) loan, but is asking for a NOC to mortgage the flat, which in current state, only the builder can give as society is yet to be formed. The builder is asking for 2.5 lakh for the NOC which I do not want to give. (He already owes me 3 lakh against rent during the redevelopment period).
I need your help to know,
- Does a bank require a NOC from builder / society to mortgage a flat, which is an individual's owned property?
- Can a bank only disburse the loan only if it gets such NOC to mortgage?
- Isn't a physical possession of original 'sale for agreement' a proof enough for a bank to establish that the property to mortgage is not mortgaged by other bank/ financial institute?
- Please guide if loan can be disbursed without having such NOC, and under which act.
- You may suggest some way to get this cleared.
Thanks to all in advance!
ajay sethi
(Expert) 02 December 2014
1) yes bank requires NOC to mortgage flat
2) bank will refuse to disburse loan unless NOC is obtained
3)bank wants to play it safe .
4) you ought to have waited till formation of society to sell your flat . society would not have charged you a penny .
5) builder is asking Rs 2.5 lakhs not for NOC but for transfer charges .
UDAY KANITKAR
(Querist) 02 December 2014
Thanks for your support Mr. Ajay Sethi!
Yes, bank is safeguarding their interest, and nothing wrong in it.
Thanks again!
ajay sethi
(Expert) 02 December 2014
thanks for your appreciation
Rajendra K Goyal
(Expert) 02 December 2014
Bank always play safe. The purchaser can approach another Bank, if he can get loan without NOC.
UDAY KANITKAR
(Querist) 02 December 2014
Thanks Mr. Rajendra !
Pl inform if you know some bank which can lend for such a absolute clear & encumbrance free property.
Devajyoti Barman
(Expert) 02 December 2014
We have no list of such banks. Approach all banks available in your locality
