Buying a floor of multifloored house
rc
(Querist) 29 January 2013
This query is : Resolved
Dear All,
I want to buy single floor of 3 floor building which is constructed by individaul owner
details:
1.The site is registered on single person
2.Composite loan is taken to construct house as per the Plan approval.(G+2)
3.All documents are clear with khatha certificate.
Now
I want to buy 1 floor from the owner and he is ready sell
1.Is it possible to buy a single foor and register on my name?
2.and which bank will give the laon for me to buy this property.
The Currest estimation of Property is 4 times the loan availed.
Kindly suggestsome solution.
ajay sethi
(Expert) 29 January 2013
if you are buying an entire floor in building you would be in position to afford legal fees . consult a local lawyer . get agreement drafted by him
rc
(Querist) 29 January 2013
Thanks Ajay,
So then it is possible to buy -and register entire floor on my name
-So how about getting loan from bank?
ajay sethi
(Expert) 29 January 2013
bank will have to satisfy itself title is clear and marketable . hence advised you to contact a local lawyer
Raj Kumar Makkad
(Expert) 29 January 2013
Local lawyer can prepare a search report for you on the basis of entire relevant documents which shall reply to your queries,
Raj Kumar Makkad
(Expert) 29 January 2013
Local lawyer can prepare a search report for you on the basis of entire relevant documents which shall reply to your queries,
rc
(Querist) 31 January 2013
MY lawyer have prepared the Sale agreement draft , mentioning the 1/3 protion as undevided share,(looks like all property docs are fine)-claims this should be fine.
Is this single document enough for bank to provide loan.
or some more documents are required to satisfy the bank to give one more loan to on same property which is already financed by bank.
ajay sethi
(Expert) 31 January 2013
bank will go through the agreement and in case they want addtional documents they will call upon you to furnish the same
H.M.Patnaik
(Expert) 31 January 2013
As regards availing housing finance contact a local bank for a detailed checklist of documents required for processing the loan application.
rc
(Querist) 01 February 2013
Bank says All documents are fine and my elgibilty profile is also fine.
But,they are saying two differnet things:
1.They dont like to give loan to a property which is already mortaged by the bank.
and dont want do the security dilution , which are not understood by me.
where on actulas the Current Property value(as per bank) is 1.6 core and owner loan is 40 lack. and I am seeking 20 lack for the 1 floor.
My lawyers says this are not valid reasons by bank.
H.M.Patnaik
(Expert) 01 February 2013
sanctioning of a loan to any borrower is the prerogative of the bank concerned, however it should be in conformity with the banking code .
If you have obtained a written reply against your loan application which is in contravention with the banking code or the policy adopted by the bank concerned , then you can approach the appropriate authority
for redressal of your grievance.
