Dear All,
1) Can Any body explain me term "Pari Passu Arrangement"?
2) Can builder Give Two Nocs for Mortgage on the same Apartment if the Pari Passu arrangement is made bewteen multiple Financers?
Case: i Have Sold the under construction apartment ; and now Purchaser is going for Loan. Purchaser is desired to seek finance from two financers ; basically HDFC bank Ltd and Housing Development Finance Corportaion Ltd. The amount for the loan is Split Accodingly. Now i have already issued one NOC to mortgage for housing Development finance Corporation ltd, and now Purchaser/ second lender i.e( HDFC BANK LTD) is asking for one more NOC to mortgage on the same flat so as to complete the loan process and get sanctioned the remaining balance for the Borrower. I am not able to understand this process and will it problem for me inn future if the borrower is not able to pay the loan due amount back to the lenders? and whose charge will be created on the flat ? and whose charge on the flat to be shown once the society is formed? will that not be conflicting the intrest of each lender ?
How to issue two Noc's on the same FLat , wont it be legally incorrect on Builders part to issue and allow two mortgages on the same flat?
Kindly Help with suggestions...
Regds
