Agreement to lease validity
Sanjeeva
(Querist) 18 May 2016
This query is : Resolved
Dear Sir,
1. I have been allotted a 300 sqmtr plot by Yamuna Expressway Industrial Development Authority (YEIDA) in 2009 scheme. I have paid the entire money and "Agreement to Lease" (ATL) was also executed in 2010. This ATL is also registered with UP Govt. Revenue stamp as per property value had also been purchased during registration. But physically this plot is not handed over by YEIDA.
2. My only query is that this ATL is valid to produce as mortgage in bank for education loan or not. I have applied for education loan where property docoments are required as mortgage.
regards
P. Venu
(Expert) 18 May 2016
What is the response from the Bank?
Rajendra K Goyal
(Expert) 18 May 2016
The document has to be referred, discuss with the legal department / legal adviser of the concerned Bank.
RAVI K GOUD
(Expert) 19 May 2016
What is the period of ATL?
What is the purpose for which it is given? Whether you can get education loan with this Lease Document or not?
Unless the contents of the document are referred, can not say.
Sanjeeva
(Querist) 19 May 2016
thanx a lot to everybody
I approached to SBI, PBB at Parliament street. Loan Manager told that they are not sure about validity but agreed to refer the case to legal adviser hired by bank and action shall be taken as per legal adviser report.
Dr J C Vashista
(Expert) 23 May 2016
Show the ATL to a local lawyer for further analyses and forming an opinion.
As I observed from the averment made by you in your query the bank will refuse to accept ATL for advancing educational loan by mortgaging the document as collateral security as you did not get clear marketable title of the property.
