Help regarding plot transaction
Kaushik
(Querist) 19 December 2019
This query is : Resolved
Hi Sir/Madam, I am planning to buy a plot in Bangalore for a agreed amount of 27.5 Lakhs. The owner wants me to register the property for 21 Lakhs as per the government value. I am applying for a plot loan based on the agreement for 27.5 Lakhs. But if I register the property for 21 lakhs as per the owner requirement. Will I have an issues? The bank agent says this is a normal process that everyone follows and will not have any issues. But i am not very convinced about it. Kindly advice on how I can go about this situation.
Shailesh Kumar Shah
(Expert) 19 December 2019
don't go for registration for the below amount and ask him to execute only on actual consideration i.e. 27.5 Lacs
Sb Karma
(Expert) 19 December 2019
yes in future it may create problem.....your property value will not up to your price...so it will decrease
kavksatyanarayana
(Expert) 19 December 2019
If you go registration for 21 lakhs you have to face problems in the future. And you have to submit the sale deed to the Bank after registration. so you have to go for registration for the actual price.
Raj Kumar Makkad
(Expert) 19 December 2019
I afraid that banker shall be ready to have two different accounts. Bank shall provide loan by taking the registered value of your plot. You need not oblige the seller rather tell him that you don't believe in black money, the punishment of which is very harsh these days not only for you but also to the seller.
Sankaranarayanan
(Expert) 20 December 2019
Normal course of procedure the bankers ask to register the property in the loan amount. But you can register in the Guideline value is enough. If you register in the loan amount then it will be taken as GV by the Registration department in future.So convence the banker to allow to register only for 21 L
T. Kalaiselvan, Advocate
(Expert) 28 December 2019
There is no harm to register the property at government guide lines value and the extra amount may be adjusted with the seller on a different note which he may design.
You can take a legal opinion from a local lawyer before venturing into this purchase.
