Pavan Kumar Reddy (Law Student) 31 July 2014

Noc from employed bank

Hi..Please advise if its mandatory to seek a NOC for a bank employeeto get loan from anotherbank. I am currentlyfacing the problem as my bank says NOC is not required as I am applying a laon as prime appilicant with another bank.where as the

bank which I have approched for home loan says cant proceed further Unless a NOC is issued.

Please kindly advice me the possibilities to avail loan from another bank.I dont have any existing loan with any bank and this would be my first loan ever on any purchase.

Thanks for any help and is much appreciated

Pavan Reddy

9739276428

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2 Replies

Kumar Doab (FIN) 31 July 2014

Has this lender bank demanded in writing or has it inserted it in T&C of loan brochure/application/agreement/approval etc?

The lenders are devising ways and means to get unprecedented security and NOC might have implications of deduction from salary to be paid by the current bank (employer).

Try other banks.

Pavan Kumar Reddy (Law Student) 31 July 2014

Builder of the property has referred the loan agent who was approached by most of the flat owners.. Loan agent had asked me to get NOC in writing to initiate the loan since being a bank employee and applying in another bank will possibly be not approved.....the reason I want to go with their bank is because the bank approved the builder/property and has given loans for the same apprtment owners and it would be easy to process my loan as well. And yeah I would be paying EMI's from my current bank am employed with (Salary deduction towards home loan) Also as you said will check on NOC implications with their loan policies.. Thanks for your reply:)