When society can refuse to give NOC to their society members for taking mortgage loan?
Hello, we got loan sanction letter from ICICI bank, on top of letter, bank mention my mom's name (who is member of the society) and my name as co-applicant for safety purpose. we took insurance against loan which states that if applicant (not co applicant) died than insurance company (ICICI Lombard) can repay full loan amount to the bank. ICICI bank is asking NOC on my mom's name who is the member of the society,, not on co applicant name (Son's name). In this case can society denied NOC ? My mom is a sole proprietor of the flat and we do pay all the fees of the society on time. Please somebody help me
Advice from society consultant