NOC from society for Bank Loan transfer
3 years ago
One member form our society is demanding NOC for bank loan transfer. He should submit to the society the original NOC provided by builder to him for his first home loan. But he is telling he has lost the original NOC . In this case what will be the solution as society cant provide another NOC before submitting the original NOC. He may misuse it. Also he is demanding share certificate. Could you please guide.
A.I have gone through your query in detail.
1) When was the society formed.. ?
2) When was the builder NOC given..? ALWAYS REMEMBER any NOC is valid for 90 days OR maximum 180 days and not beyond that
3) So if he had taken the NOC 90 days before the takeover form builder to the society formation then you can issue a new NOC stating that the old NOC given by the builder here by stands cancelled... (MENTION IT CLEARLY)
4) You can charge for the NOC as per the society norms and it should contain the banks format accordingly for the respective bank. Eg: If a person applies for Home loan in 2 banks, then both the banks can ask for society NOC, but the Bank will Disburse the Home Loan only if the FLAT OWNER gives his ORIGINAL AGREEMENT FOR SALE, SHARE CERTIFICATE, LIGHT BILL & MAINTENANCE BILL & incase if the SHARE CERTIFICATE is NOT still issued by the society then the bank in its NOC takes it in writing that whenever the Society shall be formed it will be handed over to the Bank. Also after completing of Home loan from bank, the respective bank will also send a letter to the society & they make REGISTERED intimation at the Registrar Office. So nothing much to worry. Also in recent times the bank authorities also makes telephonic verification to the Secretary & Chairman for verifying for the same.
5) Regarding the share certificate it is the duty of the society members to handover the share certificate to the owner of the flat.. incase of joint owners signature of both the owners should be there in your acknowledgement record. The above remedies are as per latest society bye-laws, in compliance with Maharashtra society’s welfare association & approved by GDCA.
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ADV. ANISH PALKAR (High Court)
1) When was the society formed.. ?
2) When was the builder NOC given..? ALWAYS REMEMBER any NOC is valid for 90 days OR maximum 180 days and not beyond that
3) So if he had taken the NOC 90 days before the takeover form builder to the society formation then you can issue a new NOC stating that the old NOC given by the builder here by stands cancelled... (MENTION IT CLEARLY)
4) You can charge for the NOC as per the society norms and it should contain the banks format accordingly for the respective bank. Eg: If a person applies for Home loan in 2 banks, then both the banks can ask for society NOC, but the Bank will Disburse the Home Loan only if the FLAT OWNER gives his ORIGINAL AGREEMENT FOR SALE, SHARE CERTIFICATE, LIGHT BILL & MAINTENANCE BILL & incase if the SHARE CERTIFICATE is NOT still issued by the society then the bank in its NOC takes it in writing that whenever the Society shall be formed it will be handed over to the Bank. Also after completing of Home loan from bank, the respective bank will also send a letter to the society & they make REGISTERED intimation at the Registrar Office. So nothing much to worry. Also in recent times the bank authorities also makes telephonic verification to the Secretary & Chairman for verifying for the same.
5) Regarding the share certificate it is the duty of the society members to handover the share certificate to the owner of the flat.. incase of joint owners signature of both the owners should be there in your acknowledgement record. The above remedies are as per latest society bye-laws, in compliance with Maharashtra society’s welfare association & approved by GDCA.
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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Rameshwar Dadhe
Responded 3 years ago
A.If you want just transferred lone then no need extra documents . First bank will provide all such documents
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Priyanka Garg
Responded 3 years ago
A.NOC from builder is different from NOC from society. Former pertained to ownership and title clarification and latter pertains to if any bar created by society in its rules against banks for home loan or any conditionality associated to it. If the first home loan is cleared, it doesn’t make first NOC relevant. Considering timelines for NOC will help you understand this.
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Shreesh Chadha
Responded 3 years ago
A.Ask him to file FIR for missing NOC. Use the FIR for your internal compliance and before giving NOC take an undertaking from him regarding bona fide use. The undertaking can have a clause that will stick him with the liability if he tries to misuse them.
So 2 documents -
1) FIR for lost NOC.
2) Undertaking that he will not misuse new NOC.
Regards
Adv Shreesh Chadha
So 2 documents -
1) FIR for lost NOC.
2) Undertaking that he will not misuse new NOC.
Regards
Adv Shreesh Chadha
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