Noc by a lending banker to the flat promoter
Venkatasubramanian P
(Querist) 21 November 2017
This query is : Resolved
I purchased a flat from a promoter who has mortgaged the project site.The lending Banker has not displayed any information about the project finance nor the promoter has disclosed the same.I paid all my stage payment through cheque to the lending Bankers account.But I do not know whether the promoter obtained a NOC from the lending banker.I have registered the sale deed and construction agreement duly and have possession of the flat.I the loan has become bad .What is my position.The promoter has given additional security and there are 10 unsold flats. Can the banker enforce my flat as security for non payment please advise
Vijay Raj Mahajan
(Expert) 22 November 2017
No the bank cannot take your flat as a security not dispose you out of it.
You are secure with sufficient property documents and payment records.
The bank can sell the other unsold flats in market to recover its over due loan amount to whatever extent they can rest the promoter is liable to pay from his other securities at his cost.
