correction of sale deed or alternative solution
santosh
(Querist) 15 March 2015
This query is : Resolved
Sir, I'm banker, on the basics of unregistered agreement, we sanctioned flat purchase loan to borrower mr.A, un knowingly mr.A made sale agreement in favour of his minor daughter age 14, as per bank rules sale agreement must be in the name of mr.A only, I'm nervous what to do. Kindly guide me..
Devajyoti Barman
(Expert) 16 March 2015
Cancel the loan and ask him to apply afresh.
I wonder how could bank grant loan on unregistered Sale agreement.
Devajyoti Barman
(Expert) 16 March 2015
This time you require court permission if A wish to apply for loan on behalf of the minor son.
santosh
(Querist) 16 March 2015
Sir, mr.A act as natural guardian to his daughter, ratification is possible if any,
Hemant Agarwal
(Expert) 16 March 2015
File a criminal case of cheating against Mr. A.
Keep Smiling .... Hemant Agarwal
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Rajendra K Goyal
(Expert) 16 March 2015
Try to rectify the error by trying if the sale deed can be registered in favor of the borrower as the present document is only an agreement.
If not obtain court ask to get permission to mortgage the property of minor and also obtain loan in the name of minor.
T. Kalaiselvan, Advocate
(Expert) 18 March 2015
First of all an unregistered sale agreement is not valid, so first fault is to grant loan on an unregistered sale agreement; Second fault is for not having scrutinised the titled documents as well as all the relevant papers properly before sanctioning the loan; third fault is to have sanctioned the loan in favor of the person who is not at all a title holder nor an authorised purchaser as per the sale agreement; next fault is to sanction loan on minor on mortgage without court's permission for mortgage of minor's property even for housing loan;
Thus, as suggested by experts, you may cancel the loan think of sanctioning fresh loan after following the procedures for the same properly.
