Requirement of noc from builder for resale flat.
Vinayak
(Querist) 28 October 2015
This query is : Resolved
Dear Sir / Madam,
I am buying a resale flat in Kharghar, Navi Mumbai from first owner in a building where society is formed & registered. Flat is having occupation certificate, owner has share certificates, Letter of allotment from builder. For this purchase I approached SBI bank for Home Loan.As per property documentation requirements of SBI bank they need NOC from builder for resale of the flat as well as NOC from society.
Pls.let me know whether NOC from builder is compulsorily required even if society is registered?
BR,
Vinayak Jadimath
K.S.Srinivas
(Expert) 29 October 2015
Flat owners do not need the No Objection Certificate (NOC) from builders for resale of their flats. In your case since society is also formed, there is no need for NOC from the builder.
Read http://articles.economictimes.indiatimes.com/2012-10-01/news/34198213_1_flat-owners-flat-owners-mofa
Banks have no legal jurisdiction to demand "NOC" from the builder if clear title is available with the owner. These documents of the property, in Originals, which are the "Final & Conclusive" documents, as far as the Law is concerned..
Rajendra K Goyal
(Expert) 29 October 2015
Submit to the Bank that society has been formed and assets transferred to society, NOC from builder not required. Discuss with the lawyer of the Bank.
R.K Nanda
(Expert) 29 October 2015
nothing to add.
Vinayak
(Querist) 30 October 2015
Dear Sir, thanks for your responses.
Everyone apart from SBI bank authorities tells me that NOC from builder is not required if society is formed. But SBI bank says since the CIDCO plot is on lease with the builder; even though the society is formed I have to get the NOC from builder to have SBI loan.
Now I don't know who is correct?
