Legal Question in Real Estate Law in India

Hello sir,

My question was:

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?

Your Answer :

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,

Fca Prashant Chavan

Expert Edge LLP

[email protected]

Santosh Sadan Khar (w) Mumbai, 400052

NOW MY QUERY is :

SBI is not willing to listen anything. They are telling for other loan transfers people have submitted NOC mentioning that clause (I stated above).

What to do?

Regards,

Amit


Asked on 7/02/13, 8:36 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

02.07.2013

Dear Amit,

Your query posted on LawGuru is to safeguard and protect your interest. Each home loan transaction is unique in its own way, and it would be incorrect for the concerned officer at SBI to generalize and say "Because that's the way we've always been doing it". Gone are those days. The onus will thereafter remain on you to clear legal hurdles as for the changeover and placing registered documents of your flat already hypothecated to one bank, again with another bank.

Regards,

Read more
Answered on 7/02/13, 9:54 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in India