MAULIK GANDHI (Tax Accountant) 08 September 2020

Builder denied noc for home loan balance transfer

I have purchased new flat from builder. This flat was purchased in Dec 2016 after taking loan from GIC Housing Finance Limited.

Now, I want to Transfer my home loan to HDFC Ltd. because of the Interest benefit. HDFC Ltd required NOC from builder since society is not yet formed. Therefore I requested the builder for NOC for Home Loan Balance Transfer.

He denied to provide NOC, He said we will form society thereafter you take NOC from society it self. He also said we have to do many documentation for this therefore we will not provide NOC to you. Since he is not giving me NOC I decided not to pay his pending due for maintenance of the society.

Please advice me. I am living in Virar, Palghar, Maharashtra. I am ready to share my contact no in private message.

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1 Replies

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 08 September 2020

1. Since a Loan is already under progress since 2016, there is no need for Builder or Society NOC for transfer of Loan to a new Bank. There is no role of Builder AFTER the Sale Deed is registered in your favor.

2. NOC of GIC would be required agreeing to transfer your agreement etc.... to HDFC.

Keep Smiling .... Hemant Agarwal
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