Hi,
I am trying to buy a property which has main document as hakku patra. Terms says 25 years owner shoudn't sell the property. Its a gifted property by the government to the current owner. EC says, 31 years property is with same owner.
I am the first buyer of that property from that owner (to whom the government has gifted the property).
When I approached the famous Private Bank, the legal was not clear saying,
"Dear Madam/Sir,
As we discussed yestarday about the your Home Loan case Legal is not clear, as per our advocate Hakkupatra case only possession certificate in favour of the allotee and no sale deed is executed by the government in favour of the allotee. The allotment of such sites are made under the provisions of Karnataka Land Revenue Act. In the absence of sale deed, no tangible security can be created and it is often noticed .
It is also noticed that the allotees of said sites either gift the property or sell the property to some person/s and on the basis of registered document that person may approch your institution for a loan.As aforesaid, the identification of the property is itself doubtful and even if it is identified the records maintained at the office of Block Development Officer/CMC/VP etc.are not available for verification."
After receiving the above email, when we spoke to Credit manager of the bank, he said Sale deed is needed first.
When we enquired with Koramangala Taluk office & BBMP, they said, "When this land has been gifted by government to the owner, they can't sell the land for 25 years. Now already that timeline / period is over. Its 31 years now. So legally there shouldn't be any problem".
Its a gifted land to Owner by Government. Owner want to sell it. Now I am the first buyer of that land.
Without any sales happening on that land, how can a sale deed exist in government records ? But bank is saying we need Sale deed. We didn't see any proof for Sale deed in government.
Then next day when I approached, the credit manager says simply that, they don't give loan on Hakku patra.
This is my problem. Any help is appreciated.
