I wish to avail funding for a residential apartment project from a bank. On approaching the bank and on submission of the project report for the proposed project, the bank has given me this option:
The bank is ready to fund the purchase of land in the name of the individual(Proprietor) and not in the name of the Propiertorship for 80% of the registered value of the land. It will be a home loan and the construction of the house/apartment should be completed within 2 years from the date of disbursement of the loan.
On registering the land, the bank will execute a MOD for the said land and retain the original documents of the property. The bank said that I can approach the Planning Authorites with a building plan of the proposed apartment complex for the purpose of obtaining the building approval.
Now my question is, how will I sell the apartments proposed to be constructed on the land registered in my name and held by the bank as a mortgage. Is there a way where a Tripartite Agreement can be executed between the bank, promoter and the buyer stating that the booking amount of the flat and the advances for the flat by the buyers can be routed to the bank until the term loan availed by the promoter is cleared? Or is there a way that the bank would be able to issue an NOC for the UDS registered in the name of the buyers on payment of that share of land.
