Hariteja Suriti
in Property Law Construction Law Consumer Law Civil Law Banking Law
Asked March 16, 2018

Questions related to buying of property with bank loan

  • 2 Answers

Three months back I saw an independent house in Hyderabad to purchase. It has only ground floor. As I was fully dependent on the bank loan, I asked the owner to wait till the bank loan gets sanctioned. I gave them a token amount of Rs. 15 lakhs and had taken the Xerox copies of all the documents relating to the house. The owner also agreed to show me all the original documents whenever required ( I gave Rs. 9 lakhs through various modes of payments like bank transfers and cheques within a period of ten days and the remaining amount of Rs. 600000 was given by me by cash and took a receipt on a white paper and 100 rs bond paper from the owner for the entire amount of Rs. 1500000. I have also made an agreement of sale deed for a total consideration value of Rs. 6100000. I have mentioned in the agreement that I have given a token amount of Rs. 1500000 and the remaining amount would be given by me within 3 months OR at the time of registration. I have also mentioned in the Sale deed that as I am fully dependent on the bank loan for purchasing the property (house), and if I do not get the bank loan for ANY reason within the time period specified in the agreement, then the owner shall be liable for the refund of the full advance or the token amount received from me. I have tried the loan in three bank but I could not get the loan sanctioned as the legal paper of the house were not correct. OVERFLOW OF THE TITLE : The original owner of the property was Anasuya. She had purchased total plot of 240 Sq. Yrds from Satyanarayana in the year 1983 and had taken the building/construction plan for total 240 sq yrds from gram panchayat . She passed away in the year 2004 and her husband passed away in the year 2008 and her legal heirs were her two sons and three daughters. These two sons (Srinivas and Kankaiah) have partitioned the above said property through a registered partitioned deed (each having 120 sq yrds) without involving their sisters in the partitioned deed, in the year 2010. The original plan of their mother was agreed to be kept with Kankaiah as per the partition deed done between them. After the partition deed, the two sons have separated and constructed their own houses within their own area i.e. 120 sq yrds each, without applying the new construction plans for 120 sq yrds each, as they believe that if they have the original plan for 240 sq yrds then why would they apply for the new ones. In the year 2017 M. Srinivas (one of the son) has executed a GPA of the said property on his wife's name (Padma) by adding his two sisters as conscenting parties and executants in the AGPA. He also mentioned in the gpa that at the of the partition deed of the two brothers the sisters were not available, so now he is adding them as consenting parties to the agpa and he also mentioned that they have no objection in the above partition deed and they also mentioned that during the lifetime of their parents the two sisters were married and the amount was given to them in the form of sridhan and they have no objection to sell the share of Srinivas i.e. 120 sq yrds. This AGPA was registered. (In this registered AGPA the sign of one of the brothers Kankaiah was not obtained as he already executed a partition deed with his brother Srinivas). Now I have made an agreement of sale deed with Padma on Rs. 100 Bond paper with the above conditions mentioned with two witnesses and have taken a receipt of the token amount given to them which was attested by the signatures Padma and her husband Srinivas on every page. Questions. 1) I applied for a bank loan but the bank is asking for the legal heir certificate from M. Srinivas. But he is not ready to get it from the court. (He says that he executed agpa in place of the legal heir certificate and now he is not ready to get th legal heir certificate from the court). 2) The bank is asking from the building construction plan. But Srinivas says that his mother has already obtained the plan for 240 sq yrds and the brothers have just partitioned the property and now the new plans are not necessary. Till now Srinivas is still paying the property tax on his mother name ANASUYA 3) Now, due to these reasons I am unable to get the bank loan, will I be able to able to get back the entire token amiunt of Rs. 1500000 with the help of the agreement of sale deed and receipt of the token amount? If yes, then how can I recover my money back? What steps could I take? 4) If no, then can I take the signatures of all the legal heirs of Anasuya as witnesses or conscenting parties and execute a sale deed (my own money without bank loan )between me and Padma in order to avoid future complications? 5) Would the building plan of the new 120 sq yrds be required or will the old plan of total 240 sq yrds in the mothers name (Anasuya) work? As the bank is asking for the building plan, I asked Srinivas for the original plan but he says that the original plan is with his brother and his brother is not willing to give it to him. And the original plan was also for 240 sq yrds. 6) I have already informed Srinivas about the requirement of the documents by the bank for the loan in the second month itself. But since the specified period for the payment of the entire amount was three months he smartly said that he would get the documents and give it and finally streched this process for three months. Now he says that the time specified for payment in the agreement of sale deed .was three months and he wants the entire amount and does not care about the loan. However in the agreement of sale deed I clearly mentioned that , I have given a token amount of Rs. 1500000 and the remaining amount would be given by me within 3 months OR at the time of registration.

Answers 2

Hi, your query needs a detailed discussion .. You can contact me in person for availing consultation

Agree Comment 0 Agrees about 1 year ago

It's not clear marketable title of the property so any single parson have no right to contract and you have made contract to the wrong person and he has not given real details to you so you can file criminal case against him for cheating 

You have no any other options to recover the amount at this stage and you can file civil proceeding for recover the amount but it is lengthy  and time consuming proceeding 

Agree Comment 0 Agrees about 1 year ago

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