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land purchasing loan related ownership
05-Apr-2023 (In Property Law)
A am planning a land purchase from a promoter who is involved in that business. A am asked to give a token amount for a piece of land DTCP approved from the promoters as they do this for people who cannot afford full amount rs. 1lakh and rest of the money will be arranged as loan from bank. Land value is 9 lakhs. i am giving almost half of the money so as to get loan for building a home in that land 3/4th of land size. loan application getting delayed. If at all loan is not sanctioned then can i pay all the amount for the land value and register on my name or two names. does this valid and is there anytime line for me to register the land or build my own home as agreement was prepared initially by the property owner that it will be given to bank for loan ...they delayed for lot of reasons the same with so many options ... i have paid in total of Rs.4.5 lakhs ...eed a right solution
should i get back my money by arranging a layer or consult a lawyer ....please guide
Agreement is the meeting of minds or a mutual understanding between two or more persons about their reciprocal rights and duties regarding past or future performances. ... This can be an agreement, however, not a contract because it does not create a legal obligation between the parties.
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Adv. Raghuraman Balaji
Chennai | 900+ Answers
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You can give written instructions to your bank to stop further proceedings against the loan application
Then you can pay the balance amount and ask your promoter to do registration in favour of you or others
You can build house as per your conviency
But before purchasing you should get a legal opinion about the land from reputed property lawyers to avoid future issues
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Adv. Sumathi Lokesh
Chennai | 50+ Answers
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