Mumbai | 17 Apr, 2022 (2 months, 2 weeks ago)

Property Law

Is NOC from society required for the disbursement of Home Loan cheque

I am selling my property, the buyer is taking loan from HDFC bank, they are demanding NOC from the society and based on that they will pay the full payment during registration. If no NOC then the payment will happen after registration. Society is saying that they will give NOC after registration but i want full payment to made before the registration process. As per the rule, is NOC needed for the bank loans?
Answers
17 Apr, 2022 | 17:15

Dear client
As per your submission it reveals that this is a matter of noc from society
However
As per settled principal of law no noc is required for sale even for Bank loans
If still Bank making demands then you would convey to the society about issuance of noc prior to sale deed.or registration


17 Apr, 2022 | 16:58

Requirement of NOC is not mandatory. However, it is advisable as it establishes that there is no pendency of any payment is terms of maintenance charges and other charges. Best option would be to convince the Society to give NOC before registration as nothing changes pre and post registration for the society.


Shradha Agrawal 17 Apr, 2022 | 18:08

Has the Buyer shared with you the Bank Loan agreement? If you both are in the same city you can go to the Bank with him and get the list of requirements from the Bank and then put the society under the responsibility of providing the NOC prior to registration. Also, if you are able to meet the Banker you will be in a better position to decide the authenticity of the Buyer and make mindful decision.

Asker 17 Apr, 2022 | 17:13

Thanks a lot for your response, i have tried to convince the society but that is not working. Buyer's bank will give me full and final payment post registration and i have incorporated the clause in the agreement. Can you please suggest if i can go ahead with the registration? Or should i cancel the deal?

17 Apr, 2022 | 16:48

Sir, I'll provide you certain legal suggestions, but for that i need to ask certain questions from you. For any further assistance, feel free to contact me on my e-mail "shubhampabbiadv@gmail.com"

regards,
Shubham Pabbi & Associates


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