Respected Sir/Madam,
I am writing to you with a great hope of help.
I bought a land of 7 cents in one town of Andhra Pradesh, India, registered and we built a G+2 house after taking local municipality permissions and paying the applicable fees. The building is completed as per the Municipality norms / rules of set back areas and the door number is also allocated and we are paying local taxes regularly.
Recently, because of a need, we applied for a bank loan on this building. During bank loan process verifications, we were told the fact that this site is actually an assigned land as per the first registered document and the linked documents have a problem because it is not continuous. The original parties sold this assigned land and registered to third parties by changing the survey number (somehow, I don't know) and I bought it recently without knowing about the first document, which I received later after my registration got completed.
The bank rejected our loan request because they need at least 15 years of linked documents, for which I have to wait for another 3 years and moreover because the link is not clear and continuous.
I was shocked to hear this and much appreciate your advice on what to do in this situation. My biggest worried question now is, even after constructing the building and paying all taxes (because it is under different survey number as per new registrations, which is OK), will there be any problems I might face in future? Is it better to resell this building or hold it for me (I want to in case no problem will occur in future) as already the building is completed and we are living in it?
I would request you to help me out with some direction I can avail in this worried situation.
