Mortgage property purchased and again mortgage

hdshardik (Querist) 02 June 2015 This query is : Resolved
our neighbor want to purchase the property which is mortgage with bank .

Owner of the property and Bank will co-ordibate and ready to be part of agreement .

we want to ask whose NOC will be required for purchase of the property .?

and again if my neighbor wants to mortgage the propety with other banks?

pl suggest who will provide the noc to mortgage the said propety ?

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malipeddi jaggarao (Expert) 05 June 2015
Since the property is already mortgaged to the Bank, if you are proposing to purchase such property with the consent of the Bank, enter into a sale agreement with the seller and consent of the banker. Pay the bank dues and get the mortgage released from the Bank. Also get a certificate from the Bank that the property is released and no other dues are pending against the property. Then you get the sale deed registered. Bank need not join in executing the sale deed as the account would close by that time.

Rajendra K Goyal (Expert) 06 June 2015
Your friend should submit all the property documents to his Banker and get the loan sanctioned. The Bank would release the loan to old loan account of the seller and balance if any to seller at the time of registration of sale deed.

Complete all formalities as per requirement of the Bank and proceed.