I’m planning to buy a flat in Casa Rio Gold through resale, but the society isn’t registered yet. The builder is asking for a hefty sum for the No Objection Certificate (NOC). Should I pay it? I need a loan, but the bank requires an NOC from the builder or society. Is it really necessary? If I can’t get the NOC, what other options do I have for the loan?

Apni Law
Apni Law
Law Forum › Category: Consumer Court › I’m planning to buy a flat in Casa Rio Gold through resale, but the society isn’t registered yet. The builder is asking for a hefty sum for the No Objection Certificate (NOC). Should I pay it? I need a loan, but the bank requires an NOC from the builder or society. Is it really necessary? If I can’t get the NOC, what other options do I have for the loan?
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Apni Law Staff asked 2 years ago

I’m planning to buy a flat in Casa Rio Gold through resale, but the society isn’t registered yet. The builder is asking for a hefty sum for the No Objection Certificate (NOC). Should I pay it? I need a loan, but the bank requires an NOC from the builder or society. Is it really necessary? If I can’t get the NOC, what other options do I have for the loan?

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Best Answer

Apni Law Staff answered 2 years ago

Buying an unregistered flat poses significant risks, as your ownership may not be legally recognized. While the bank may require an NOC, it’s not legally mandatory. You can explore options like approaching a cooperative bank or seeking a loan against property, but these may have higher interest rates. Consider the risks carefully before proceeding.

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