Is it correct that banks will issue NOC against a property only if it has been funded by them?
Details:
I have selected a flat in one project A which has been constructed by Builder X. This project has been already completed and many banks have even approved the project. After finishing the project A, Builder B has started constructing project B in the same survey no: (back side to the project A). To raise construction loan, he has submitted the common land documents (because of same survey number) to a bank. Due to this, I was asked by my lawyer to get an NOC from bank. But the bank said that the project A is not related (not funded by them), so NOC is not applicable. Is this a valid argument?
