Mohan Bhoite
I purchased a resale flat in Belapur, Navi Mumbai, Maharashtra. The Society have given us NOC for home loan, But is it necessary to take Mortgage NOC from them. Our loan is disbursed without Mortgage NOC. Is it fine or Society or will take action against us?
I C Naik
Applicable bye Law is this:
No member of the society shall assign, mortgage or create any charge on his occupancy right in the flat without the previous permission in writing of the Committee.
Provided that such permission of the society will not be required for assigning, mortgaging or creating any charge on the occupancy right in the flat for purpose of obtaining loan, either for purchase of the flat or for liquidating the liability incurred by him for the said purpose by way of loan or advance from the employer of the member or from the Life Insurance Corporation of India or from a bank or the society or any other agency approved by the Commissioner for Co-operation and Registrar
When Society gives permission it is for Mortgage; if a loan does not involve mortgage, Society does not come in the picture.