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Can lease amount be mentioned in the sale deed, please advise
25-Jan-2023 (In Property Law)
I have applied for home loan from HDFC for a property worth 6150000. HDFC has approved 80% of property value, which is 4920000. I have paid the seller an advance of 375000. The seller has let few of his houses in the property on lease. So the remaining 8Lakh, myself and seller has come to mutual understanding that we will pay the lease amount to the people when they vacate the property or on end of lease period. But the bank is not ready to disburse the amount saying until you show 8lakh in transaction, we will not be able to give you loan. Could you please advise can we mention the lease amount in sale deed or how to proceed further? It would be of great help. Thanks in advance.
yes, lease amount can be mentioned in the sale deed. it will work as precaution in case the person later denies to pay the amount. You would have proof through the said document. You can also have a separate MOU signed as well in case you dont want to mention in sale deed.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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Your problem is related with the Bank's discretion to sanction the loan or not. For this kind of issues any legal recourse is not advisable. You can talk to the Bank concerned and try to convince them.
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