I had bought a flat almost a year ago, completely without loan. I’ve the sale agreement/possession letter from builder, but not done registry of the flat yet.
Now I’m interested to purchase a land/plot and do not want to build it for at least 5 yrs. But I want to buy land on home loan.
Because getting home loan for only land is not as easy. So I was thinking for following:
1. Sale my flat to my father in law and through builder, transfer the flat to in name of my father in law.
3. After couple of months purchase back the flat from father in law, but this time with home loan from Bank.
4. Through money raised from sale of flat, I can buy land/plot.
Please suggest:
1. Is there any legal objection/hurdle if I follow above?
2. Shall banks allow me for Home Loan for purchasing flat from my father in law?
3. Can my father in law pay me after he receives money after I re-purchase from him on bank home loan?
Please advise its very urgent.
Thanks!!!
