Want loan against property but bank asking for it to be registered.

This is regarding self registration My uncle has paid 20 lakh for a property in the year 2001. But didnot register the property. In turn, the vendor has given a registered GPA to sell that property.Now, he is planning to construct a house for which when we approached the bank for loan, they asked them to register it and then apply for the loan.My uncle dont know where the person who gave the GPA is. Now the query is :-Can my uncle register the property on himself, signing both as vendor and purchaser in the sale deed ? The GPA what my uncle is registered and has power to sell. pls sgt

Answers (1)

269 votes

Hi sir/madam, until and unless registered the sale deed in the name of your uncle through his vendor or his legal heirs the Bank cannot sanctioned loan against the said property. You can search the said GPA executant, if he dead, you can request his legal heirs to come and registered the said property in the name of your uncle.

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