Legal Question in Real Estate Law in India

Hi ,

I purchased my flat in June 2011 in Pune. That time i took loan from Saraswat Bank.

Now after 2 years i want to shift my outstanding loan to SBI. I approaced SBI and provided them documents. SBI is asking for NOC from society stating that one clause in Bank's NOC is : "this NOC will be valid only when SBI pays all outstanding to Saraswat Bank".

Problem is : Society is reluctant to give this NOC.

Bank person is telling convince them for the clause i stated above.

Please help what should i do?


Asked on 7/02/13, 4:44 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

02.07.2013

Dear Sir / Madam,

If the home loan availed by you from Saraswat Bank on the flat is still outstanding, the Society will not issue the NOC for transfer of your loan from Saraswat Bank to SBI, simply because the Society cannot step into the shoes of the bank, as it is your personal matter. The only possibility for the change over is SBI will have to issue a letter to the Society to the effect that they are financing you to the extent of Rs. ______ of which Rs. _______ will be towards outstanding loan settlement of Saraswat Bank.

Regards,

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Answered on 7/02/13, 5:16 am


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