Mortgage loan
HIRAL THAKKAR
(Querist) 30 January 2014
This query is : Resolved
I have a query
A flat is owned by an individual Mr. X in a CHS Ltd and there is another entity M/s ABC Ltd.
Now ABC Ltd wants to obtain a mortgage loan by mortgaging Mr. X flat as Mr. X is the husband of the owner of M/s ABC ltd.
Can Society give NOC in favour of Mr.X to obtain mortgage loan by M/s ABC Ltd.
ajay sethi
(Expert) 30 January 2014
society will give NOC only if loan is availed by Mr X . what X does with loan amount is not society business
Rajendra K Goyal
(Expert) 30 January 2014
Society can not refuse permission for mortgaging the flat for loan to be taken by the owner.
Devajyoti Barman
(Expert) 30 January 2014
Yes , society has nothing to do with loan.
Devajyoti Barman
(Expert) 30 January 2014
However I am curious to know how the Company can get loan when the property to be mortgaged by it is not owned by the company or its 'owner'.