Legal Question in Real Estate Law in India

Sale deed vs Sale agreement.

Hallo Sir/Madam,

I am looking for a home loan for 10Lakhs.My eligibility looks good.The amount mentioning in the Sale agreement is 17lakhs.But,the property worth rupees 13Lakhs.But,in the sale deed the amount wil be mentioned as 13lakhs(the actual amount).To avail the loan of 10lakhs what should I need to do.After I handover the sale deed to the bank,will the sale agreement becomes void.Is that so?.The bank will come to know the difference amount mentioned in the sale deed and sale agreement.Will be the problem to me after sanctioning the loan.how do i mitigate this ris?.Please help

Asked on 10/27/07, 9:45 am

3 Answers from Attorneys

Siddharth S. IndJurist
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Re: Sale deed vs Sale agreement.

You may have to avail loan on the basis of agreement to sale only.contact any executive of bank in this regard.

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10/27/07, 12:21 pm
Shrichand Nahar S.V.Nahar, Advocate
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Re: Sale deed vs Sale agreement.

In appropriate cases, the bank even give loan upto 80-85% of the value. It will be better to try this option then to use two contradictory documents.

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10/28/07, 2:01 am
Homi Maratha N.N. Maratha & Co.-Advocates
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0 attorneys agreed

Re: Sale deed vs Sale agreement.

You are creating a contradiction its quiet clear that the loan will be availed on the basis of Agreement for Sale which would be registered by paying proper stamp duty. You may contact personally for an opinion along with the details or contact the executive of the bank. Which state do you belong?

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10/28/07, 6:33 am

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