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Rohit (SE)     09 November 2010

Original Possession letter missing

I have identified a flat in Indirapuram, Ghaziabad and paid the token amount. The flat is in a 5-6 year old society and is valued at 42 lakhs.It has already passed through 2 owners and so has been registered with the Noida authority twice.
The seller has the present and previous sale deeds with him but doesn't have the original allotment letter/possession letter given by the builder to the first allotee.(He says that he probably got it from the previous seller but he misplaced it)
Now, when I am approaching the national banks like PNB and LIC for home loan, they are saying that they need complete property history chain and without the original allotment letter/possession letter, loan will not be possible. Private banks like IDBI, AXIS, ICICI however are agreeing to provide the loan on the basis on an Indemnity bond.
My question is, is the property compromised in the absence of missing allotment letter/possession letter? and should I buy this property?



Learning

 1 Replies

Satish Kuna (Advocate)     10 November 2010

The original allotment/possession letter is of importance to the original alottee and loses its significance as the owners go on changing. Normally in all the sale deeds/transfer documents, delivery of possession is mentioned and therefore the original allotment/possession letter is hardly of any importance to you.

Make sure that all the previous transfer documents have the possession clause and the property was conveyed by way of document as well as possession.

 

Satish Kuna


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