According to the latest update in the FAQs by the Department of Cooperation, the cooperative housing society cannot charge any fee or donation for transfer of membership from the transferor/member.
This is the latest update from the previous position, where, the society could charge upto 0.5% of the sale value in terms order no. 2522 dated 23.6.2003 of the Cooperation Department.
However, according to the latest update, it is evident that the society cannot charge anything extra and if they do, then the member/transferor or transferee must immediately bring this to the notice of the Registrar.
Please check more details here: http://coopwb.org/faqs.php
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can bank loan be availed for purchase of shares in housing co-operative society and what will be the basis for loan whether it is purchase value at the time of allotment of shares of the present market value of the property.
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Yes Bank loan can be availed for shares in housing society. Depends on the valuation by the bank. For more detailed analysis email me details to chenoyceil@gmail.com. Thank you.
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