Refusal noc

Varad Thaker (Querist) 20 May 2015 This query is : Resolved
Hii
I have applied for education loan so bank asks for NOC from society.

Scenario of the society is that almost all the members of the society are against the secretory and to remove him all the members have signed the letter against him and treasurer & chairman have resigned and all this things have been reported to the registrar.Case is still going on and decision is going to be in members favour but it will take time since summer vacation process will start after 15 days and election can be happen on 30/06/15.

So now he is the only authorized to sign the NOC and he is not agree to sign the same.

Now what should i do because i need the NOC within week.before i have given him print out of NOC he was agree that he will sign but he has refused at last moment.

What is the solution for this.Kindly guide.

Thanks in advance.

Thanks & regards,

Varad Thaker

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Nadeem Qureshi (Expert) 20 May 2015
Try to settle the matter amicably with him and try to get noc.

Nadeem Qureshi (Expert) 20 May 2015
Try to settle the matter amicably with him and try to get noc

Varad Thaker (Querist) 20 May 2015
Nadeem Qureshi, i have tried that way but he will not going to give.any alternate solution??

malipeddi jaggarao (Expert) 20 May 2015
What is the link between the NOC from society and your proposed Education Loan? Are you offering this property as collateral security? NOC is not that important document for the Bank for considering the Education Loan. Convince the Bank explaining the affairs of the society and give an undertaking that you would submit the same in due course once things are settled down in society affairs. Please answer to my query that what was the link.

Guest (Expert) 20 May 2015
Rightly advised by experts.

Rajendra K Goyal (Expert) 20 May 2015
Give an undertaking to Bank that you would submit NOC at the time of releasing of second / third installment of loan.

If Bank and society are not agreeing, offer alternate security for your educational loan.

Kumar Doab (Expert) 20 May 2015
The experts have rightly advised.

Varad Thaker (Querist) 21 May 2015
Thanks a ton to the experts - malipeddi jaggarao sir and Rajendra K Goyal sir.

I thought it is going to be a big problem for me but as rightly said by malipeddi jaggarao sir it is not too important. bank agreed upon, giving the NOC after electing new committee.

and answering query of malipeddi jaggarao sir,yes it is the case of mortgage.

Again thanks for your time and advice.