I plan to transfer my home loan from Standard Chartered Bank to Federal Bank. The bank is insisting on obtaining a no objection certificate (NOC) from the society in which I live. Is an NOC required from the society in this matter?
Yes, the new lender will require an NOC or a consent letter from the society to be able to take over your loan. The existing NOC from the society would be in favour of Standard Chartered Bank, which needs to be replaced by an NOC in favour of Federal Bank.
Yes, the new lender will require an NOC or a consent letter from the society to be able to take over your loan. The existing NOC from the society would be in favour of Standard Chartered Bank, which needs to be replaced by an NOC in favour of Federal Bank.
