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Mortgage on Agreement to sale and Purchase
13-Jun-2023 (In Banking / Finance Law)
Can a bank lend a loan based upon agreement to sale and purchase? Does the same has to be registered with the sub registrar?
It is not clear as to what you mean by agreement to sale and purchase. Is it in relation to a housing loan/ property purchase loan? At times, banks do provide loans based on such agreement to sell of immovable properties and post the bank finance the property is purchased vide sale deed which is then kept as mortgage to the bank until full repayment.
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Adv. Joydeep Nath
Delhi | 100+ Answers
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As per The Indian contract 1872, The person can lend a loan form the bank on his agreement of sale purchase from the client. He can authenticate that by put in a Stamp Paper with the registrar for the legal authentication of the agreement with the client and third party. If the agreement is written on a stamp paper with value of Bank Loan then it would be easily register with the registrar.
It would be a legal agreement if it is shown for another contract with third Party.
As per lesser details mentioned in the question above , I just provide the answer on Probability basis It should be altered and change according to the more information provided.
Regards
Adv Rajul Jain
It would be a legal agreement if it is shown for another contract with third Party.
As per lesser details mentioned in the question above , I just provide the answer on Probability basis It should be altered and change according to the more information provided.
Regards
Adv Rajul Jain
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Adv. Rajul Jain
Delhi | 25+ Answers
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