Obtaining NOC from the Builder for Bank Loan
The menace of NOC from builder for Bank Loan purpose for home buyers has become so cumbersome and a source for black money
as the payment is done in cash for which no
receipt is given and unnecessary hardship for common man.
In order to curb this menace I suugest as follows ;
- This requirement should be waived in genuine cases.
- or as an alternative the Bank should forward following letter to the builder directly :
" We wish to grant housing loan to following person
----------- for the property situated in s.no/flat/house no -------- road no------------ locality------------- city/district ----------- in the state ----------. In view of this please forward your objection ,if any, to the undersigned within 15 days with your comments failing which it will be assumed that you have no objection to granting of loan for the said property to our client." more
as the payment is done in cash for which no
receipt is given and unnecessary hardship for common man.
In order to curb this menace I suugest as follows ;
- This requirement should be waived in genuine cases.
- or as an alternative the Bank should forward following letter to the builder directly :
" We wish to grant housing loan to following person
----------- for the property situated in s.no/flat/house no -------- road no------------ locality------------- city/district ----------- in the state ----------. In view of this please forward your objection ,if any, to the undersigned within 15 days with your comments failing which it will be assumed that you have no objection to granting of loan for the said property to our client." more
Viewed by 3398
View all 30 comments Below 30 comments
This is one of the many reasons why capable buyers are even afraid to touch the builders even by a pole. more
Apr 22
Technically grant of loan is the purely a contract between you and the Bank. Once the Agreement of Sale is registered in your name you are free to raise any mode and means to raise the Money required to be paid to the Builder. I am sure There must be some clauses to the effect that the Builder is bound to give you NOC required by the Bank. Now if your builder are playing tricks than: 1. You can support your Bank loan application with relevant requests you made to the Builder which was turned down with any valid vital reason. 2. The Project is well approved by Bank consortium comprising several bank wherein you can raise the issue through your Banker. 3. You can also lodge your complaint with consumer forum for deficiencies in services, against the Builder. more
Apr 22
In the first instance I wonder why it should be essential to obtain NOC from the builder to get the loan from the bank? The builder won't be responsible for repayment of the loan to the bank. The surety should be from the employer in case of an employee or some such sureties from businessmen. Everyone knows how the builders behave? more
Mar 25
I agree with Kamal Mukherjee.A small amendment to the draft is suggested.Please add the words "property being sold to Shri...............by you". This will also be a commitment by the buiider that the property is really being sold by him and to prevent the builder from playing fraud more
Mar 23
GEDELA KRISHNAMURTY NAIDU (Specialist in Construction Management of Power Plants /tHERMAL/Gas/Solar)
I agree with Kamal Mukherjee .Bankers should not insist for NOC from builders for granting loans to the buyers G.K.Naidu, Hyderabad more
Mar 23
