Is obtaing noc mandatory
Querist :
Anonymous
(Querist) 19 January 2012
This query is : Resolved
sir I bought a property in 2005,the previous owner had mortgaged the property in Indian bank and when he sold the property to me he had paid all the dues and he had the perfect title with him. Based on the existence of sale deed I bought the property from him.Now I want to sell the property but my buyers advocate is insisting NOC from Indian bank. When I approched the previous owner he promptly co operated and took me to Indian Bank,but the bank authorities are shying away from their responsibility of issuing NOC saying that ten years have already passed since the clearance of loan and they do not have any previous loan documents with them.My question is whether NOC is must for my buyer or not?
ajay sethi
(Expert) 19 January 2012
if indian bank had issued no dues certificate to mortgagor and released the property then you dont need an NOC .
Raj Kumar Makkad
(Expert) 19 January 2012
Bank cannot deny re-issuing the desired NOC though it is not material when the mortgage has been redeemed. You should try both ways and can make an undertaking in writing that if in future any liability of bank occurs, you or your legal heirs as the case may be, shall be fully responsible and your buyer shall have no liability to pay thereon.
Guest
(Expert) 19 January 2012
Yes, the said bank cannot deny to issue the NOC or if they r not issuing by any reason thereof, just ask "No due Certificate" till date and after that u don't need NOC.
for any more help, feel free to contact me asap.
Manoj Kumar,
Advocate,
Delhi.
Ph: 09310443650
advocates.agra@gmail.com
Deepak Nair
(Expert) 20 January 2012
The mortgaged property was released before 10 years and the owner had clear title on the property and successfully transfered the property to you.
In this situation, the NOC from bank is not at all required because the title is clear and there is no encubrances.
Even though, you can send a letter/notice to the bank asking for the NOC or any communication to that effect.
Otherwise, you can execute an MOU as suggested by Mr.Rajkumar.
girish shringi
(Expert) 20 January 2012
If Bank do not have the record,you can publish a PUBLIC NOTICE in any local newspaper where property situated for any Objections or rights,if no objections comes its NOC.
malipeddi jaggarao
(Expert) 20 January 2012
When the original document is released by Indian Bank, what is the need for NOC from them? Original Document is the proof that the property is not under equitable mortgage to anybody. No dues certificate is not a substitute in a present case. No dues certificate to whom? The question is whether the property is charged to the Bank or not. Obtain EC which is a proof of flow of title. Only equitable mortgage might not reflect in the EC. But original document is the proof that the property is not encumbered to anybody. After 10 years insisting for NOC without any much valid reason when alternatives are available is not justified.
M/s. Y-not legal services
(Expert) 20 January 2012
you need not to be waiting for such a unwanted NOC. thats waste of time only.. just move on..
-tom-
DEFENSE ADVOCATE.-firmaction@g
(Expert) 20 January 2012
How your buyer got the knowledge of ten year old mortgage , means some record some where.
So new buyer is perfectly right to seek NOC.
prabhakar singh
(Expert) 20 January 2012
NOC is otherwise also a good practice to ask
for on discharge of a debt.
Querist :
Anonymous
(Querist) 20 January 2012
I thank u all for giving me valuable advice on this.Mr.JSDN is very much right. I have proof of mortgage by way of EM creation which was given to me by the previous owner. After realising the mortgage amount from the previous owner the bank had returned the original document without issuing NOC.As rightly pointed out by Mr.Prabakar singh my buyer wants to see proof of cancellation of mortgage by way of NOC. Could anyone suggest me the procedure obtain NOC from the bank?
