Hi
I am purchasing a flat in Noida-UP which is under construction. Due to a document which the builder has not received from the Noida Authority the State Bank of India is not disbursing any housing loan for this project.
All other banks have no problem is giving me loan for this property but for my personal reasons I want to take the loan from SBI only.
The SBI has suggested me that they can provide me the loan if I mortgage some other property (Collateral) with them.
I have a flat (DDA Co-operative group housing society) in Delhi which I purchased in 1995 through a GPA. Then I got a conveyance deed executed for the same. I have following documents:
Share Certificate (transferred to my name) , Conveyance deed, General Power of Attorney, Special Power of Attorney, Agreement to Sell & Purchase, Deed of will, Indemnity bond, Proxy, Deed of Arbitration, Agreement, Nomination.
Tthe lawyer on the panel of SBI whom I need for title search is telling me that I am not the lawful owner of this flat even after the conveyance deed has been executed and this property can not be considered for Collateral purpose.
I fail to understand his logic. I even quoted the Supreme Court instructions on the same but he does not seem to understand and gives me legal jargon.
Please advise if the lawyer is right and I am not able to understand the law.
With Regards
Rajeev
