Letter required from bank to society regd loan
Venkat Mogga
(Querist) 22 January 2016
This query is : Resolved
Dear Sir,
I have done a Sale Agreement of my flat with the buyer. Buyer has applied for loan and also submitted to society for noc.
Society is asking the buyer to provide a letter from bank stating buyer has applied for a loan.
Is it required. As per law is it required.
Kindly help.
Regards,
Venkat
P. Venu
(Expert) 23 January 2016
Society is too officious.
Rajendra K Goyal
(Expert) 23 January 2016
Society has nothing to do with the loan at the application stage, as the loan is not sanctioned / Bank may be changed.
Dr J C Vashista
(Expert) 24 January 2016
What type of society you are referring to?
Did you discuss with the society on the subject?
What is the plea of the society for non-providing "No dues certificate"?
Which way the involvment of society is there?
Consult a local lawyer with all details for proper advise, guidance and proceeding.
Venkat Mogga
(Querist) 28 January 2016
Dear Sir,
Actually bank who has sanctioned the loan requires a letter from the Coop housing society that the Society has no objection. But the Society is stating the need letter from bank stating he has applied for loan.
Hemant Agarwal
(Expert) 28 January 2016
1. The Society, being an "autonomous body", may insist on proper documentations, for its own record. Hence Society's demand is proper. However some Society's may give "conditional" NOC, to tide over the issue.
2. Whereas there should be no problem, for the bank to issue a intent-letter stating that the buyer has applied for a loan with its branch.
Keep Smiling .... Hemant Agarwal
Read Articles: http://hemantagarwal21.blogspot.in/?view=sidebar
K.S.Srinivas
(Expert) 02 February 2016
The society is no way connected with the bank loan applied by the buyer.
Dr J C Vashista
(Expert) 03 February 2016
The borrowing and lending of money is the agreement between yourself and the bank, society has nothing to do, any say in the subject matter and can no way obstruct or raise any objection.
Contact your banker, their plea is invalid and illegal.
