Noc from bank
Abhishek
(Querist) 27 January 2015
This query is : Resolved
I have taken a loan from SBI and it got sanctioned. But builder needs to give me NOC from bank(BAnk of India) Because Bank of India has finaced his project.
Is their any chance that his bank (BOI) can deny to give NOC.
I who is liable if builder failed to provided NOC. I have already paid 20% of total amount
Guest
(Expert) 27 January 2015
If BOI had financed the Project they might insist on Direct Payment to them From your side,If Possible Meet them in Person with out Rubbing the Builder.If you are making the Payment to BOI insist on a Consent Letter from the Builder.Sort it out amicably.
Abhishek
(Querist) 27 January 2015
Sir
Thanx a lot for your reply. As it has cleqred the scene.
But 20% payment I have made it to builder.
Are you saying that I should contact BOI for gerting NOC?
Isn't it a builder job to get me the NOC from his finacer?
Guest
(Expert) 27 January 2015
My advise was to simplify your job .I had said "If Possible".You could get a Clear Status If you meet them with the consent or with out rubbing the Builder.
Anirudh
(Expert) 27 January 2015
Where from you got the idea that NOC has to be given by the banker who has financed the builder?
Guest
(Expert) 27 January 2015
It is So Simple that When a Building Project is already Financed by A Banker The NOC from bank is mandatory .I prefer to Remember the Saying of Our Respected Senior the First Line in his First Post in related to "Karta in huf " Thread,"Poverty of Intellect Still Not Eradicated"
Anirudh
(Expert) 27 January 2015
So, according to you, if Spicejet / Kingfisher gets financed to buy Aircraft, the Bank has to give NOC if I buy airticket to fly by these aircrafts?
Guest
(Expert) 27 January 2015
A fantastic way of Exposing the Ignorance.
Anirudh
(Expert) 27 January 2015
I am ignorant.
Therefore, please answer my query.
Guest
(Expert) 27 January 2015
Sorry, I have no intention to insult You.As referred by you the Airlines would have taken Loans to Purchase the Aircrafts and the source of Repayment would be Only by doing their Business.Where as in case of Builder he had taken the Loan for Constructions and the Same has to be repaid by him while selling the Flats.So the NOC is mandatory.That's It.
Anirudh
(Expert) 27 January 2015
Don't worry, you need not feel sorry at all!
Even if you insult I don't mind, since I am in a Public Platform. If I fear for insult(s), I should remain in my cosy nest and not venture out.
But in the instant case, is it mandatory in all the cases wherever the bank has financed the builder/developer that NOC has to be obtained? How does a flat purchaser would come to know that he has to obtain an NOC from the bank? And how does a flat purchaser know that any finance from bank has been availed by the builder/developer at all?
According to you the airlines are doing business, the builder/developer is not doing business that is the difference why one need not require any NOC while buying airticket, and why one has to obtain NOC while buying a flat.
Guest
(Expert) 27 January 2015
It is the Builder's Responsiblity to inform the same.While taking the Loan for Construction the Builder would have Pledged the Land Document and it is his duty to inform about it.More over you could find in many new Apartments and Buildings under Construction the Board Stating " Project Financed By...."If any builder sells the flats without mentioning that Land had been Pledged for Loan the New buyers would also be in Risk in Future.
Anirudh
(Expert) 27 January 2015
So, if the builder does not inform, the flat buyer cannot come to know about it. Obviously the bank is not going to come and say to every flat buyer.
In that situation the question of the flat buyer even thinking of obtaining any NOC from any quarter does not arise.
Therefore, the flat buyer would be told by somebody - either the builder or the bank that he should obtain NOC from the bank. Is my understanding correct?
Guest
(Expert) 27 January 2015
Comparing the Selling of Air tickets of Mortgaged Aircraft by Airlines to this Query I do not prefer to comment.When you Placed a Polite Request I had Replied.
Anirudh
(Expert) 27 January 2015
The last query is quite simple. There is no reference to Air Tickets at all in the last query.
Therefore please answer the last query of mine.
Guest
(Expert) 27 January 2015
Just for the Clarification of the author and also to Reply you in case of there is No Loan Subject to that Particular Transaction the Original Documents of Land would be with the Builder which he should Exhibit to the buyer along with EC till date and the same could be verified by the Buyer at Registrar Office by applying Copy of Documents and Fresh EC.
Anirudh
(Expert) 27 January 2015
My previous question was as under:
If the builder does not inform, the flat buyer cannot come to know about it. Obviously the bank is not going to come and say to every flat buyer.
In that situation the question of the flat buyer even thinking of obtaining any NOC from any quarter does not arise.
Therefore, the flat buyer would be told by somebody - either the builder or the bank that he should obtain NOC from the bank. Is my understanding correct?
Why don't you answer this, straight and simple, instead of saying what document one has to exhibit etc.?
Guest
(Expert) 27 January 2015
If the Original Documents of the Land is with the Builder with up to date EC and if it is confirmed by the Buyer by Obtaining the Copy of the same Along with EC From Concerned Registrar Office and the Legal Opinion of the Promoter/Builder is Cross Checked by the Buyer's advocate then legally the Buyer would be Safe.
Anirudh
(Expert) 27 January 2015
So you are not ready to answer my following simple question, which I am repeating for the third time:
My question is:
If the builder does not inform, the flat buyer cannot come to know about it. Obviously the bank is not going to come and say to every flat buyer.
In that situation the question of the flat buyer even thinking of obtaining any NOC from any quarter does not arise.
Therefore, the flat buyer would be told by somebody - either the builder or the bank that he should obtain NOC from the bank. Is my understanding correct?
Guest
(Expert) 27 January 2015
Now I am Left with No Option But to Again Remind the Saying of our Respectful Senior Expert in the Thread Of "Karta In Huf" that " Poverty of Intellect is Still Not Eradicated"
Anirudh
(Expert) 27 January 2015
I agree that I am intellectually impoverished.
That is why I am asking you to clarify my query:
The flat buyer would have to be told by somebody - either the builder or the bank that he should obtain NOC from the bank. Is my understanding correct?
KUMAR JAGADEESAN
(Expert) 27 January 2015
Dear Friends
It is painful to see two senior members personally engaged in the wordy duel leaving the queriest in lurch. If the members differ in their opinion can they not express their difference with reason and leave the queriest to choose the convincing reply.Pl. do not get me wrong
KUMAR JAGADEESAN
(Expert) 27 January 2015
Further to my earlier post, my opinion on the query is as follows.
The Bank which finances the individual would insist on getting the transfer of land registered before releasing the funds and if the project is financed by another Bank the lending Bank would have got the EM executed/ registered the mortgage deed.Hence it would insist that NOC has to be obtained for ensuring no problems at the time of registration in lending to the Flat Buyer. The buyer has to approach the Builder and through him his Banker.If NOC has to be obtained and the Builder fails to arrange for the same the buyer can get back his money with interest. I advise the quriest to approach the builder to get the problem solved and forsee no problem in this
Anirudh
(Expert) 28 January 2015
I agree that I am intellectually impoverished.
That is why I am asking you to clarify my query:
The flat buyer would have to be told by somebody - either the builder or the bank that he should obtain NOC from the bank. Is my understanding correct?
Anirudh
(Expert) 28 January 2015
Dear Mr. Kumar,
It is the platform meant to provide a legal answer to a query posed by a querist, and if there is any incongruity in the answer, I feel it my responsibility to correct the situation, wherever possible. Therefore, let us keep the sentiments aside.
As about the querist having been left in the lurch - I disagree. It is the querist who is silent and has not come back with his answer to my query.
Now coming to your send post.
All that you have stated is full of assumptions - especially when throughout you use the term "would".
Instead of assuming something, let us face the facts: The querit says: "I have taken a loan from SBI and it got sanctioned. But builder needs to give me NOC from bank(Bank of India) Because Bank of India has financed his project. "
From the above facts given by the querist, is it possible for you to say as to who is insisting for the NOC and from whom? That is my query.
Rajendra K Goyal
(Expert) 28 January 2015
SBI would need such NOC to avoid double financing on one flat / to ensure clear non encumbrance title of the property it want to mortgage and finance. So far as knowledge of the purchaser is concerned, in the agreed terms between the project financier and the builder, how the flats would be sold, how much amount is to be returned by the builder for selling and for issuing such NOC by the financier.
Abhishek
(Querist) 28 January 2015
Thanks to everyone and I am feeling lucky that my query has been answered by such large number of eminent people.
But a special thanks to Mr. N.J.S.Rajkumar” who address my query first and to Mr. KUMAR J who addressed my query very meticulously. Mr. KUMAR J has responded really in an excellent way after understanding my position.
However for gentlemen “Mr. Anirudh” , who had an issue as I am not responding, true, but purely because in between the discussion thread was completely drifted. One was getting nowhere out of this.
One more thing, Mr. Kumar J has responded very well, Mr. Anirudh. So far as usage of WOULD is concern, we are not in courtroom, it was query which was raised by me as my builder was delaying to get me NOC
Few people wanted to understand the situation so I am putting it in points
1. I booked a FLAT A in apartment C of Builder X
2. I paid 20% advance booking amount to the Builder X, toward my scheduled Flat A plus Undivided share of Land (Assume Scheduled property B)
3. I applied for a loan with SBI
4. The Apartment A has been financed by BOI
5. My loan got sanctioned and in order to disburse this loan amount , SBI want NOC from bank BOI in addition to the tripartite agreement
6. NOC has to be obtained from BOI by builder and should be given to be which I can submit it to my financer, SBI
7. The issuing of Said NOC is being delayed by the BANK(As builder informed me, Reason, BOI pressuring builder passively to give more business to BOI in terms of retail loan application, Like mine)
8. My question was can BOI mount such condition to builder as he will only issue the NOC if he gives more HOME LOAN application to BOI?
9. Can BOI, legally deny to issue such NOCs?
10. Incase Builder fails to obtain NOC from BOI, who is liable for the damage caused to me?
Anirudh
(Expert) 28 January 2015
Dear Abhishek,
The following information which you have given now was missing in your original post.
"5. ........ in order to disburse this loan amount , SBI want NOC from bank BOI in addition to the tripartite agreement.
6. NOC has to be obtained from BOI by builder and should be given to be which I can submit it to my financier, SBI."
The tripartite agreement is between SBI, you and the builder. Is there any clause / term in the Tripartite agreement that you should submit NOC from Bank of India?
Abhishek
(Querist) 28 January 2015
Aniruddh , I have not rcvd the tripartite agreement. Builder said it will give both instrument together. Probably it is specific to party so not done yet. he will prepare once the NOC is rcvd.
Abhishek
(Querist) 28 January 2015
Dera Members with referenve to my above post thread(Posted today 11:17am), I am more interested to get my point #8, #9 and #10 to be clarified................
8. My question was can BOI mount such condition to builder as he will only issue the NOC if he gives more HOME LOAN application to BOI?
9. Can BOI, legally deny to issue such NOCs?
10. Incase Builder fails to obtain NOC from BOI, who is liable for the damage caused to me?
Abhishek
(Querist) 28 January 2015
Dear Members with referenve to my above post thread(Posted today 11:17am), I am more interested to get my point #8, #9 and #10 to be clarified................
8. My question was can BOI mount such condition to builder as he will only issue the NOC if he gives more HOME LOAN application to BOI?
9. Can BOI, legally deny to issue such NOCs?
10. Incase Builder fails to obtain NOC from BOI, who is liable for the damage caused to me?
Guest
(Expert) 28 January 2015
Dear Author,Please Meet the Concerned Branch in Person with out rubbing the Builder by which you Could Clear all your doubts in a Practical Way.
