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Sandeep (Querist) 19 June 2014 This query is : Resolved
I have opted for Loan transfer. Builder is asking for the NOC issued to the first bank before issuing fresh NOC to the new lender... Is it correct.

When I approached the first bank they refused to release the NOC given by builder saying that it is a document taken for approving the loan... Is it correct...

Kindly guide...

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ajay sethi (Expert) 19 June 2014
builder does not want to get involved in legal hassles . since he has already given NOC to first bank wherein undertaking was given that he wont permit third party right s being created by flat owner no NOC would be issued by him to second bank unless earlier loan is repaid

request builder to give NOc that he has no objection to mortgage of flat subject to closure of earlier loan taken from first bank

Sandeep (Querist) 19 June 2014
Dear Mr. Sethi,

Thanks for the reply.. I have already repaid the amount and going with other bank for loan...

ajay sethi (Expert) 19 June 2014
well if you have repaid loan then builder should give NOC

Rajendra K Goyal (Expert) 19 June 2014
Agree with the experts.

Sudhir Kumar, Advocate (Expert) 19 June 2014
If you have repaid the loan then take all papers back from 1st bank.

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