Dear Bhatnagar,
My reply for the first part of your query is:
Sale Agreement means, an understanding between the seller and the purchase upon payment of Token/advance amount for the sale and purchase transactions, future and final payment, time line and for all other general trms and contitions.
Registered Sale Deed means, transfer of Title and interest on the name of the purchaser by the seller upon payment and receiving of full and final sale amount.
Reply against the Second part of your query:
"Is it necessary for the purchaser to have a registered sale agreement to obtain bank loan.";
It is not clear from your query, whether the purchaser is obtaining Loan from the bank to purchase the property in question itself OR the purchaser is applying for the bank loan after completion of Sale Transaction and after payment of full purchase amount to you.
If still sale transaction is in-complete and purchaser didn't make full payment to you, then my suggestion to you don't Register the Property and execute any Registered Sale Deed in favour of purchase.
further it is incorrect to say that, to obtain bank loan for purchae of property it need a registered sale sale for purchase of property in question, the actual procedure is bank people first ask for a Sale Agreement and they will search and examin all the records of property in question and then at the final stage, they will issue bank loan on the name of purchaser in the form of Demand Draft and hand over at the time of Registry before the sub registrar.
Reply to last part of your query:
There is no procedure before any authority for registration of "Sale Agreement" it is the understanding of both parties only; for the satisfaction of both parties it is a trend in public that they get it "NOTORIZE" by any notary advocate on payment of Notary charges (Minimum Rs 30/- to Maximum Rs.100/-), but there is no registration charges for sale agreement.