Noc for taking loan from bank
sudhir
(Querist) 25 December 2014
This query is : Resolved
I HAVE TAKEN LOAN FROM LICHF FOR PURCHASE OF FLAT IN MUMBAI(IN 2006). THE FLAT IS MORTGAGED TO LICHF.
NOW I WANTED ANOTHER LOAN ON MY FLAT. THE LICHF HAS SANCTIONED LOAN.
I HAVE REQUESTED THE SOCIETY TO GIVE ME NOC, BUT THE SOCIETY HAS REFUSED TO GIVE NOC. THEY HAVE SAID THAT UNLESS AND UNTIL YOU CLEAR YOUR FIRST LOAN, WE CANNOT ISSUE ANOTHER NOC.
IS THE SOCIETY DENY NOC UNDER SUCH CIRCUMSTANCES?
IF SOCIETY DOES NOT ISSUE NOC, WHAT STEPS I CAN TAKE AGAINST SOCIETY?
prabhakar singh
(Expert) 25 December 2014
If bank has revalued the flat and is ready to give further loan,why NOC of society is required.
ajay sethi
(Expert) 25 December 2014
society is justified in refusing to give NOC as you have no repaid your earlier loan . as per loan agreement with LIC HF no third party rights can be created without prior consent of LICHF .
you can request society to give conditional clearance subject to loan repayment being made of LICHF
Rajendra K Goyal
(Expert) 25 December 2014
You require NOC / consent of LICHF to permit / agree to create second mortgage of another Bank on leftover value of the property(after recovering its dues) or on pari-passu (on equal footing)basis. Generally LIC HF would not agree to permit second charge on paripassu basis. If such permission is given by LICHF Bank may proceed without NOC from society.
Dr J C Vashista
(Expert) 26 December 2014
Why and how does the society issue NOC for creating third party interest on the flat when it is already mortgaged?
However, the society may be requested and consider issuance of "NO DUES CERTIFICATE" whereas society do not have any power to issue "NOC" as asked by you or LIC HFC.
Devajyoti Barman
(Expert) 26 December 2014
Unless the previous loan is cleared the society will be right to refuse such NOC.
T. Kalaiselvan, Advocate
(Expert) 27 December 2014
If the subsequent loan is being sanctioned by the same finance agency, it may not require the NOC once again even for formality sake because the property mortgaged is in their possession, however, get the refusal by society in writing and then proceed with LICHF for further loan on that basis.
