Saturday, July 9, 2011

Can the Cooperative Society refuse to issue an NOC?

Hi, I have been approved of a top-up over my home loan from a bank. However, the bank needs an NOC from the society before the loan is disbursed. In my attempts to consolidate my loans, I had initially approached a couple of banks prior to the current bank, including SBI. SBI required the NOC from the society as a pre-requisite document, which I had provided to them. However, during this course of time, the concerned officer at SBI was transferred and subsequently my documents were not traceable due to reasons not known... :-( thus ending my trials with SBI..... Now the Society has refused to give an NOC saying that they have already issued one to SBI. They are ready to give an NOC if SBI gives a letter that they have misplaced the loan documents, which is a very unreasonable preposition. I need help now, I need to know, can the Society refuse to issue an NOC?

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