Home Loan Regarding Question?

Question

Bank is asking me to attach NOC from builder for my application for home loan takeover. The property I'm seeking loan for is in Pune, Maharashtra. Many news articles and forums suggest that Maharashtra government and the Supreme Court have ruled out mandate of the NOC. NOC is not mandatory for loan application by law. One such news article:- Maharashtra ends system of NOC - Indian Express  is still asking for builder NOC for my home loan application. Email ID's for grievance redressal provided on are not accepting mails. These email ID's  I doubt other email ID's may also be bad. These email ID's are provided under "ADDRESSES AND HELPLINE NOS OF GRIEVANCES REDRESSAL CELL AT LOCAL HEAD OFFICES".

 

Comments

Banks follow own due diligence processes and procedures for considering loan applications. The prospective borrower is obliged to fulfill the requirements of the lender.

Asking for NOC from the builder in loan take over case is a normal procedure. The aspects concerning NOC referred in your mail do not appear relevant to the specific requirement of NOC by the bank concerned.

Answer 1

The Bank has its own process as per the policy and also in compliance with regulatory authorities to ask for the NOC while processing the loan. It may be new or take over of loan. You will have to comply with the request to early process of loan.

In your particular case since the society is not formed it will be imperative to have the NOC from the builder to consider the loan request.

Uday