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
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  • 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