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Property mortgage rules

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Property mortgage rules

Last updated: March 8 2013
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  • Property mortgage rules

    I have booked a flat with a builder...... I wish to take loan from Bank towards financing of this flat....
    The Builder has in turn mortaged its land with a Co. Bank to fund his (a fairly big township) project...........

    The Bank to which I have applied for loan insists to get a release letter from the Builder/ Builder's Bank so that my bank have a first right in mortage....... but they are not giving.....(the same).. And, my Housing Loan is stuck up for this issue

    Is a Housing Loan possible in this ticklish issue? How important is this issue for an end user like me???? (Its repurcussions in the long run).........

    Pl. guide
    Last edited May 7 2015, 05:32 PM. Reason: Formatting
  • #2

    #2

    Re : Property mortgage rules

    Your builder has to obtain a NOC from builders bank else you won't get a loan.

    Builders bank should not have a problem in giving NOC because all the payment go the escrow account i.e. Builders Bank

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