Upgrad LLM

noc for loan from builder ' financer


I purchased a flat in Bhiwadi ,Rajasthan by builder and took loan from pnb housing finance , now I want shifting this loan to my Employer ( A psu company) due to low interest rate .
This builder had taken loan from a finance company for this project ,
now my employer give me a noc format to get signed from financer through builder for the processing of loan applicatin .
I have written many e mails and also sent a speed post to get thus noc signed but did't get any response in written .
When I talked to builder's executive he said they tried very much but finance company refused to provide noc .
So please suggest me the way how can I get this as I suffering 5 k loss every month
 
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The builder is bound to issue noc The finance company has no role unless you have contract with them. Issue legal notice to builder.
 
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Retired employee.

It is not clear as to the agreement between the builder and the financing institution to the builder.   Normally the financing institution has first charge over all the assets belonging to the builder, and if there is outstanding, they may not issue such NOC.   The builder may be playing a game and applying for EC and for the charge on such assets from the registrar of a company (if that builder is a company) may help, but there is no remedy for your issue unless the builder clears the entire loan with that financier.

 
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Advocate

Availing housing loan from the financier of your choice is your right, if you feel that your employer is offering the loan at a cheaper rate then you are at your liberty to withdraw the loan facility from the existing financier and shift to the proposed financier. 

The current financier cannot refuse to give NOC,.

The builder has no role to play in this.

You may directly approach the PNB housing finance and ask him to give NOC,  if he is refusing then issue a legal notice to him and take necessary legal action in furtherance if the things do not work out.

 

 
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Retired employee.

It appears from the post that the builder has also availed finance from a different company .  The builder's financier is one.   The housing loan was availed by the owner from PNB, and now he wants to take it from his employer:

"I purchased a flat in Bhiwadi ,Rajasthan by builder and took loan from pnb housing finance , now I want shifting this loan to my Employer ( A psu company) due to low interest rate .

This builder had taken loan from a finance company for this project ,"

As the builder has availed finance which is outstanding, the financier can not give NOC till the entire loan availed by the builder is liquidated.

 

 
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Retired employee.

It appears from the post that the builder has also availed finance from a different company .  The builder's financier is one.   The housing loan was availed by the owner from PNB, and now he wants to take it from his employer:

"I purchased a flat in Bhiwadi ,Rajasthan by builder and took loan from pnb housing finance , now I want shifting this loan to my Employer ( A psu company) due to low interest rate .

This builder had taken loan from a finance company for this project ,"

As the builder has availed finance which is outstanding, the financier can not give NOC till the entire loan availed by the builder is liquidated.

 

 
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Advocate

The facts, as posted, lacks clarity. Why is it that your employer is requiring "a noc format to get signed from financer through builder for the processing of loan applicatin"? Will it not be sufficient if the NOC is got directly from the Financer, but not through the builder?

Please examine.

 

 
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Retired employee.

The owner of the flat is not having a direct relation to the financier of the builder and may not be known as to who financed the builder.   It appears that in the documents filed by the employee before PSU employer, there must have been some clause that stated about the builder availing finance and getting his NOC or his prior charge.  In the case of PSUs, the say of the legal cell and advocate are final, and they provide a checklist of documents to be submitted for availing a loan, and the employee can not argue or have any options.  If employee wants a loan, he must abide by the legal formalities in documentation.

 
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Advocate

To my understanding, the query is in the context of the loan he has availed of from PNB Housing and not in the context of the loan which the builder would have availed of from any Bank of Financial Institution. Kindly see the opening part of the posting: 

"I purchased a flat in Bhiwadi ,Rajasthan by builder and took loan from pnb housing finance , now I want shifting this loan to my Employer ( A psu company) due to low interest rate"
 

 
 
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