Noc from Society required by bank

Venkat Mogga (Querist) 11 March 2016 This query is : Resolved
Dear Sir,

I have done a Sale Agreement with the buyer. And buyer has applied for loan which is sanctioned. Bank has asked noc from Society. Society gave noc but some format was changed. Bank legal dept has raised queries and is not accepting the noc.
Question is what can be done since society is not co-operating at all. Is the noc mandatory.
My money is stuck since the buyer is not getting loan cheque.

Regards

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Adv. Yogen Kakade (Expert) 12 March 2016
Get the letter form the banker addressing the society about the requirements. Let the banker also speak to the secretary or chairman of your society. I think they will get the solution.

Dr J C Vashista (Expert) 13 March 2016
What is the type of Society where your flat is situated?
What is written in the NOC issued by society and what is the requirement of banker? What is the difference/objection? Why are you worried for the loan applied by the buyer?
Consult a local lawyer with all documents/ information.

Rajendra K Goyal (Expert) 13 March 2016
Amicable solution is the way out. Why the society not issuing NOC as per Bank format?

Venkat Mogga (Querist) 25 March 2016
Dear Sir,
Now buyer is saying that to get the noc from Society is sellers job.
And my payment is stuck since bank is not clearing buyers loan.

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