Civil Procedure Code (CPC)

Bank asking noc


You need not buy from them, you need not co-own and share apartment with them, you need not take NOC from MIL if you do the way I said.  Without spending a single paisa, you can get apartment in your name and delink them totally from that property. 


What happens to money already paid to bank?


Say you have raise a loan of Rs.8.00 lacs.  As on today Rs.7.50 lacs is outstanding and you have paid Rs.2.50 lacs towards loan).  If you avoid payment of instalments bank will declare your account as NPA with in 3 months.  And tell them to serve SARFAESI notices and take possession of that apartment.  They have several options to sell the property and appropriate towards loan amount.  One is open auction, other is private treaty, sealed tenders etc.  For entering into private treaty with some third party, they need your consent.  For open auction and sale through sealed tenders they don't need your consent.  Bank prefers private treaty because it is easy process they don't have to conduct auction give sale notice paper advertisements etc. 


Some banks tell the borrowers directly, "if we sell your property through auction, you may not get the desired price for your property, so you get the buyer yourself and get it sold by marketing your own property for best price".


So in that process you will take the buyer to bank and tell the bank this person is ready to buy the property for Rs.10 lacs.  Bank's outstanding dues is Rs.7.5 lacs.  It will appropriate Rs.7.5 lacs towards loan and give off rest of the amount to the borrower i.e. you. Rs.2.5 lacs you have already paid is credited to loan account it has not gone anywhere.  Try to understand.  Over and above loan amount of some sale proceeds remain the bank will give it off to the borrower.  


Bank gives sale certificate to your son and it becomes his "self acquired property".  The sale certificate issued by bank in favor of your son will be free from any sort of encumbrances. Nobody has a right over your son's "self acquired property" including your MIL.  That way you will get relieved from your MIL's claims over her son's property.  After some period of time, say six months or a year, take the son's property in your name through some gift deed/sale deed.


I am saving you at least Rs.50000/- rupees advocate fees and Rs.2.50 lacs that you wish to pay to your MIL.:)


The procedure I suggested is absolutely legal.





Suppose bank says, "we will issue SARFAESI notices to legal heirs of which your MIL is one party", let it be so.  Let them issue notices to your MIL and if she pays remaining loan amount of Rs.7.50 lacs to bank, then after that if you file for partition suit you will get it by spending less and forcing your MIL to spend it more.  That is also good option for you. If your MIL does not pay, then bank will sell the property to your son that is also good option for you.  That means if she pays that is a good for you and if she does not pay that is also good for you.



Thanks Mr. Chandrashekhar.

This seems to be very helpful. Thanks again for spending so much time to help me.


hi..... you want any informations about banks loans.go to visit our website


Mr.Chandrashekhar -- though as a Banker I do not like your saying "let the loan become NPA" , I must admit that in an imperfect world, the way out you have advised seems very clever and practical indeed. I pray the querist suceeds in her goals by following your advice;)


I am a former Banker too.  I have some scores to settle with banking industry. ;)


BUILDER Not giving NOC

I (Say owner 2) had done the agreement to sale with a buyer(Say owner 3) to sell my commercial office which I purchased 1 year back.The developer is not issuing me the NOC saying that unless the owner 1 gives me the old VAT payment against the purchase of 2007 he will not issue the same.Now my problem is that I can't execute deed of assignment unless the developer gives me NOC as its the condition of financial institute.I had committed 15 days only.What should I do to get  the NOC  fast and  legally within 7-8 days ?

When I purchased it from the person(Say Owner 1) who actually purchased from the developer/builder.While puchasing the office the builder has given NOC to him for the transaction.




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