quesloan for buying flat without agreement from relative

I want to buy a flat of 30 lakhs from a promoter but do not have any cash and want to borrow it. One of my relatives is ready to pay the whole amount however does want to give it as a gift nor does he want to sign any agreement stating that we have taken this amount as loan from him. Is there any mid way out as i desperately want that flat and i am not eligible to take a loan as i already have 2 lakhs personal loan in my name

  • ansIt seems that your relative wants to help you but does not want a record of the same for the reasons best known to him. If you take his money without proof/agreement etc. you may end up in trouble as to your source of money/income to buy the flat.

    So, it is not advisable to go for such transaction unless he is ready to pen that the same is taken by you as a loan from him.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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