TAKING LOAN ON FLAT

TAKING LOAN ON FLAT FOLLOWING STEPS IS TO CONSIDER 

1. No member of society shall assign ,can take any loan or mortgage  or any charge on his/her flat from any Financial Institutions / Bank without the previous written permision  from society committee.
2. Society should give the NOC as per format given by  Financial Institutions / Bank  by adding the following clause or point in NOC format at the end in BOLD & CAPITAL  Latter which is as follow "SOCIETY OR IT'S ANY OF OFFICE BEARERS  SHALL NOT LEGALLY AND FINANCIALLY RESPONSIBLE FOR REPAYMENT OF THIS LOAN AND SOCIETY WILL MAKE LIEN ON THIS FLAT WHEN COPY OF REGISTER MORTGAGE DEED IS GIVEN BY FINANCIAL INSTITUTIONS / BANK TO THE SOCIETY ELSE SOCIETY WILL NOT  MAKE ANY KIND OF LIEN ON THE FLAT "   This point or clause should insert in the format since as per Model Bye-Laws No. 38[e][iv] any kind of Transfer [excluding Death Transfer] must be done by Register Document. If any Stamp Duty loss will find by Collector of Stamp then that will recover by either member of Society or from Society. So without Register Mortgage deed Society should not make any Lien on the flat. Since many  Financial Institutions / Bank may argue that they have exemption for register mortgage then ask them to produce that latter given by Inspector General Of Stamp , Maharashtra OR Collector of Stamp. Since they do not give any exemption to any one but all this   Financial Institutions / Bank  give wrong information and try to reduce their work. If some inquiry come regarding Loss of Stamp Duty then Society will come in Problem.  
3. If society can not respond regarding written permission to member, member may approch to Dy. /Asst. Registrar of society and ask them to give order to society U/S 79[2] for giving permission
4. If member want to mortgage his/her flat for Education purpose , Medical treatment purpose or some argent need ,etc for that managing committtee can call argent meeting/ circulating meeting and give the NOC with in  7 days of application as per formate  issue by  any Financial Institutions / Bank.
5. If committee can not give this NOC then member may approch to  Dy. /Asst. Registrar of society and ask them to give NOC by appointing Officer from the office  U/S 79[2] and [3] . Financial Institutions / Bank has to consider this NOC and take Indemnity Bond form that member.
6. Society has to maintain the record of member who take loan / mortgage his/her flat on Mortgage Register from the date of taking loan. Society must keep copy of NOC given to member for taking loan on the flat from any  Financial Institutions / Bank in Mortgage Register. Society also must take Latter from the Financial Institutions / Bank  who give loan to member regarding fill the detail in Mortgage Register and ” I” Register. As soon as loan repay and society get latter from Financial Institutions / Bank regarding this repayment of loan society must update the same in both Mortgage Register and ” I” Register.
7. As per Bye-Laws No 45 providing that such permission of the society will not be required for assigning, mortgaging or creating any charge on occupancyright in the flat for the purpose of obtaining loan, either for purchase of the flat or for liquidating the libility incurred by him/her for the said purpose by way of loan or advance from the employer of the member or from the Life Insurance Corporation of India[LIC] or from a Bank or the Society or any other agency approved by the Commissioner for Co-operation and Registrar,Maharashtra State,Pune.