Legal Question in Social Security Law in India

HDFC bank has asked me to get this clause confirmed by the society in their NOC before disbursement of loan," We have no objection to your giving a loan to the said allotted / transferee / proposed transferee and his / here / their mortgaging the said flat to you by way of security of repayment." But society refused to give such confirmation. now the bank is not ready to disburse the loan. Please suggest me that do bank have rght to ask such things from society and do socity refuse to give this? also is society really having any role in mortgaging the flat?


Asked on 8/20/09, 3:20 am

1 Answer from Attorneys
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

What the bank did as part of its business is cent percent correct and it is upto the society whether to issue NOC to the bank or not.You have to follow the rules and bye laws framed by the society to its members,In my opinion the society must have been having a tie up with any particular bank and there must have been a rule to that effect that any member who seeks loan from bank must approach the society or apply through the society..bla..bla...

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Answered on 8/20/09, 5:32 am


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