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.

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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.

SHIRISH PAWAR, 7738990900 (Expert) 30 January 2014
Society will issue NOC in favour of Mr. X if Mr. X is availing loan.

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'.

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