Our society has come out with a Rule stating for Mortgage NOC required by bank of the buyer, the owner/seller has to first get into an agreement with buyer, get the agreement registered with sub registrar's office and with copies various other 10 documents submit to Society after which the Society will consider issuing NOC. The list of 10 documents are (1) Copy of first Sale Agreement with Builder and Chain of Agreement (2) Seller's earlier Loan repayment/closure letter (3) Copy of New Agreement (4) Copy of Possession Letter (5) Copy of Parking Allotment letter. (6) Original Share Certificate (7) KYC documents of buyer (8) Copy of Previous NOC issued, if any (9) Copy of Loan Sanction letter (10) Sample of NOC from buyers bank. Can Society ask agreement with buyer and registration mandatory. As I may want to first get full amount before Regisering the agreement. Is it legal? Is there any provision in the bye laws? Also this is not passed in any AGM or SGM. Please let me know Regards Krishnan  CHS, property-related issues
Dear Krishnan, Let financial Institution giving the loan to the buyer of the flat, let it decide buyer's capacity to pay the loan, before you enter Sale Deed with your buyer. Once above point is... Read More
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I am 25 year old, my mother purchased house in 2017 with clean revenue records and NOC, NEC issued by government but a private NBFC claiming posession under SARFAESI due to loan never shown of previous owner. Criminal matter is registered but still no justice. Such NBFC have so much power and resources they can even manipulate justice. Me and my mother are struggling to save only house. As per company's statement, they gave loan of 7.9 lakh in 2007 and received 17.5 lakh from original borrower but still they have 26 lakh outstanding at 27% rate. We are being forced to leave house or pay such huge amount. Any genuine network of support is all that can save our life. A person with no legal knowledge is being manipulated by advocates as well. With hope, waiting for response soon.  CHS, property-related issues
Nikita Madam, You committed a mistake in buying a flat, on which a private NBFC claiming possession under SARFAESI due to loan never shown of previous owner. Criminal matter is registered but still... Read More
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