loan 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
It 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.
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