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Mortgage.

(Querist) 31 March 2019 This query is : Resolved 
I WANT TO PLEDGE MY PROPERTY IN MUMBAI MAHARASTRA AND WANT TO AVAIL BANK LOAN AGAINST MY PROPERTY.

THE SOCIETY IS NOT GIVING THE NOC TO BANK AS PER BANKS NOC FORMAT .THEIR ARE SEVERE DISPUTES BETWEEN THE COMMITEE MEMBERS [ NOTHING FROM MY SIDE ].I DONT HAVE ANY SOCIETY DUES TO PAY .EVEN THOUGH THEY ARE DELAYING THE NOC.THE BANK VALIDITY OF SANCTION IS OVER ONCE BUT STILL ONE WEEK EXTENTION THEY HAVE GIVEN.

IS POSSIBLE TO DO REGISTERED MORTGAGE WITHOUT THE NOC FROM SOCIETY INSTEAD OF DOING EQUITABLE MORTGAGE.

KINDLY ADVISE IN THIS MATTER.

AJAY
MUMBAI
MAHARASTRA.

Kishor Mehta (Expert) 01 April 2019
The Society may not be legally forced to give NOC as per the format of the Bank, you have to convince the Bank to accept the NOC as given by the Society. The Bank may not agree to a mortgage without NOC of the Society.
Dr J C Vashista (Expert) 01 April 2019
Have you requested the MC of Society in writing and they have refused?
If not, apply and get "NO DUES CERTIFICATE", which may be requirement for Bank. However, it is neither mandatory nor compulsory for the money lender to seek NO DUES of Society, just discuss and sort out.
AJAY SHAH (Querist) 01 April 2019
Thanks for the advice ,i want to say that no dues certificate is already received,NOC of bank is approved by the society advocate,but due to society committee members some internal disputes they are not calling the meeting and so my matter is delayed. someone told me that if i do registered mortgage with bank their is no need of NOC from society,please advise.
kavksatyanarayana (Expert) 01 April 2019
Dear queriest if you do registered Mortgage deed, you may go for it. But you have to pay stamp duty which is higher than the equitable mortgage. The stamp duty varies from one State to other State. so inquire in your state for stamp duty.
AJAY SHAH (Querist) 02 April 2019
Thank you Mr. Satyanarayana,
I am ready to pay additional stamp duty towards registered mortgage compared to equitable mortgage. kindly advise its possible or not .As i know the society maynot meet in this month too and my sanction validity will be over and bank will not approve loan after the current validity date.My bank is central bank of India,Thane Branch, Maharastra.
kavksatyanarayana (Expert) 02 April 2019
Dear queriest yes. it is possible.
AJAY SHAH (Querist) 02 April 2019
Thank you sir,I consulted bank legal department they said even though for registered mortgage we need NOC from society.Other person from the bank he says no need for NOC as its registered in front of registrar and stamp duty is 0.5 % compared to 0.2 % in equitable mortgage.Now i am confused what to do.Pl advise.
kavksatyanarayana (Expert) 03 April 2019
If the bank authorities do not agree for Mortgage deed convince the bank or the society for your purpose.
AJAY SHAH (Querist) 04 April 2019
Thank you. Bank denied even for registered morgage.they can do only equitable mortgage with society noc.i hv to wait for society noc.
AJAY SHAH (Querist) 04 April 2019
Thank you. Bank denied even for registered morgage.they can do only equitable mortgage with society noc.i hv to wait for society noc.
AJAY SHAH (Querist) 04 April 2019
Thank you. Bank denied even for registered morgage.they can do only equitable mortgage with society noc.i hv to wait for society noc.
AJAY SHAH (Querist) 04 April 2019
Thank you. Bank denied even for registered morgage.they can do only equitable mortgage with society noc.i hv to wait for society noc.


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