Noc weightage

pooja dedhia (Querist) 07 August 2012 This query is : Resolved
NOC IS REQUIRED FORM THE BANK WHEN INTENED BUYER WILLING TO PURCHASE THE HYPOTHECATED Land & Building from the seller who has taken the term loan from the bank ,

Whose Noc is required from the branch or the head office?

Follow Query

Report Abuse

ajay sethi (Expert) 07 August 2012
from the branch where property is hypothecated

Raj Kumar Makkad (Expert) 13 August 2012
Wrong question and accordingly wrong answer. No bank can provide NOC against hypothecated property with it. A person who has already hypothecated his property to the banker cannot sale it without getting it released from bank hence pending hypothecation the question of granting NOC either by branch or head office of bank does not arise.

Guest (Expert) 13 August 2012
If the mortgage has already been registered NOC would not be possible, as redmption would be quite necessary in the name of the mortgagor by clearance of the bank dues on account of loan and interest. However, in the case where mortgage deed is not registered, NOC would be at the discretion of the bank granting the loan, subject to the condition the money transactions are made through the accounts maintained by that bank for both the parties, or if the buyer of property agrees to deposit the dues on behalf of the mortgagor before final sales deed is entered in to.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries