Does building registration require the loan amount to be cleared?

[Urbanking9524]

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Urbanking9524
PARTICIPANT
April 14, 2025 at 7:30 am

My mom and 2 of her sisters built a 3 storey apartment with 2 flats in each floor in bangalore in 2023, wherein they took a loan. The builder told us that unless the loan is cleared the building registration cannot be done. Neither can any of the flats be sold to an outsider. How true is this?

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[Alphakritika6663]

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Alphakritika6663
PARTICIPANT
April 14, 2025 at 7:50 am

He is Lying. Be careful and get all papers back from him. There have been cases where builders have sold flats without actual ownership. He has done that or planning to do

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[Megamohit3840]

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Megamohit3840
PARTICIPANT
April 14, 2025 at 8:44 am

The builder is trying to scam you. The deed has to be registered in your name. Bank will hold the regiration papers until you clear the loan and you will get a copy. That’s how it’s done

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[Urbanking9524]

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Urbanking9524
OP
April 17, 2025 at 4:32 am

hey thanks for the concern. Forgot to mention the building registration is currently in the name of 3 of them(mom and her sisters). But for individual registration (since each of them own 1 floor), the builder said that the loan has to be cleared. So unless thats done we wont be able to sell any flat. is this true?

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[Megamohit3840]

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Megamohit3840
PARTICIPANT
April 17, 2025 at 4:36 am

In this case you would need to talk to the bank. Your current loan agreement will be a joint one I guess, for individual registration, the loan would also need to be split in equal parts. Talk to your bank once, if banks give you a process and agree then the builder can’t refuse.

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[Urbanking9524]

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Urbanking9524
OP
April 17, 2025 at 7:42 am

Ohh alright! thanks !

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[Urbanking9524]

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Urbanking9524
OP
April 17, 2025 at 4:33 am

hey thanks for the concern. Forgot to mention the building registration is currently in the name of 3 of them(mom and her sisters). But for individual registration (since each of them own 1 floor), the builder said that the loan has to be cleared. So unless thats done we wont be able to sell any flat. is this true?

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