Can a person avail a loan on the basis of 99 years lease agreement
PrnBCRBant
(Querist) 16 May 2013
This query is : Resolved
Dear Experts,
One temple, is willing to develop its property by constructing a housing apartment and willing to give an immovable property on 99 years lease period to any intending party of that community. Now my question is, in this case, whether,
a) any Bank finances the lease payment?
( as the lease payments are lumpsum payment and the intending party cannot afford such payments at one go)
b) whether there is remarks that has to be put in the Legal Scrutiny Report? because I feel it cannot be mortgaged by the intending parties.
C)If answer to a) & B) is negative. then is there any solution for such a transaction to avail loan from any banks.
Waiting for a expert advice on the subject
with regards
R.K Nanda
(Expert) 16 May 2013
consult local lawyer.
adv. rajeev ( rajoo )
(Expert) 16 May 2013
Yes he can avail the load, but it is left to the bank to sanction the loan. Even if bank sanctioned the loan. To take additional security is must.
Hemant Agarwal
(Expert) 16 May 2013
1. The intending party and the temple party may make joint application for bank-loan, for the housing project.
2. Alternatively, the temple party may stand as non-revocable guarantor, for the intending party for his project.
Keep Smiling .... Hemant Agarwal
Raj Kumar Makkad
(Expert) 16 May 2013
1. Availing loan is not a right of a person. It is sole discretion of the bank to decide so instead of us, do contact the banker and ask this to him.
2. What do you feel shall only prevail but do contact banker first.
3. do as advised above as experts have no answer to the question which solely relates to only lender of money.
PrnBCRBant
(Querist) 17 May 2013
Dear Experts,
Thank you each of you in guiding me to take the next step. But One basic question I have got is, if the fainanciers are ready to lend, whether the leased properties, can it be mortgaged?
ajay sethi
(Expert) 17 May 2013
only with permission of lessor
