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RI am purchasing a flat from a builder and it is a fully-constructed building and the flat is ready for possession. When I go the agreement from their end though, all the terms are talking as if the building is still under construction and possession will be later. It is an Agreement to Sell instead of a Sales Deed.
Also mentions that the project is mortgaged to SBI. Is this normal or do I need to ask them to send some other document? I am taking a housing loan but bank won’t review the deed itself. Can anyone please guide?
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F1. Get a NOC to mortgage from SBI
2. You must REGISTER a SALE DEED from the builder into your name at the SRO where the property is located at. A sale agreement is not valid to trace the flow of ownership
3. Some kind of completion certificate from local government authoritiesUsually these will be asked by bank while disbursing the home loan
A suggestion based on experience..never take loan from the bank approving the project which in this case is SBI..why?.well it pays to be double cautious while investing a truckload of borrowed money.
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RThanks a lot. I’ve taken the loan from HDFC. I got concerned too when they sent me the agreement to sell instead of sales deed draft because language for both is completely different.
I will get the other documents you’ve suggested.
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FI missed out on the mutation part – the below news will guide you on it
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