I already mentioned earlier about is society NOC required for home loan. No member of the society may assign, mortgage, or create any charge on his occupancy right in the apartment without the prior written consent of the Society or RWA, as per the Society’s bylaws. Getting the society’s NOC is crucial to getting a bank loan.
To know why it is important, you can read my previous answer here. However, let me tell you the NOC usually contains:
Confirmation of no pending dues by the seller
The seller’s ownership details
Approval for transfer of ownership to the buyer
The society’s consent for mortgage (if required)
This helps the bank confirm the authenticity of the property. It also minimises the risk of legal complications during or after the loan disbursal. While not a legal requirement in every case, many banks insist on a Society NOC, especially for resale flats. I hope you found this helpful.
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- A NOC ensures there are no disputes or encumbrances related to the property that could affect the buyer’s ownership or the lender’s interest in the property.
- Banks and financial institutions often require the Society NOC as part of their due diligence process. It reassures the lender that the property is free from legal or operational hurdles.
- The NOC confirms that the transaction complies with the society\'s rules and regulations, including transfer fees and ownership documentation.
Is Society NOC Required for Home Loan?
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2024-12-30T09:10:38+00:00 2024-12-30T11:46:10+00:00Comment
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