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Banks can't withhold loan on flimsy ground

The District Commission concluded that raising a doubt about the validity of the NOC at such a belated stage could not be permitted

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3 min read Last Updated : Mar 19 2023 | 9:13 PM IST

Jayprakash Kushwaha was interested in purchasing a 414 square foot flat in Nalla Sopara, which was owned by Rahul Lokhande. The total agreed consideration for the flat was Rs 4 lakh.

Prior to finalising the deal, Kushwaha approached Bank of Baroda for a loan of Rs 3.13 lakh. The bank informed him that he would have to mortgage the flat in its favour and apply for the loan after executing a registered agreement. The bank issued a pre-sanction letter on February 8, 2007. The agreement for the purchase of the flat was registered on March 12, 2007.

According to the agreement, Kushwaha made a down payment of Rs 87,000 and agreed to pay the balance amount of Rs 3.13 lakh by taking a bank loan.

After receiving the registered agreement, Kushwaha applied for the loan, along with all the required documents, including the no-objection certificate (NOC) issued by the co-operative housing society. He paid the loan processing fee and even ex

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