Resale property: development agreement required for loan disbursement
I have bought a property (1room kitchen) at virar east from LIC housing finance (virar east branch). Loan has been senction of 15 lacs but i requeire only 14 lacs.
Seller has purchased the property in December 2012 and buliding is also not old more then 2 years. I am the second buyer of that property. Seller is having the housing loan from DHFL.
Now at the time of disbursement, as per the legal report, lawyer of Lic hfl require the development agreement (2005 and 2006) and conveyance deed (2007). I have provided the conveyance deed to lic but not development agreement because seller does not have.
So could you please advice whether
1) Loan can be disburse without development agreement?
2) Is conveyance deed is not suffice?
3) What is the solution if development agreement is missing?
4) what would be the alternative if development agreement is found but not register?
Can Lic will able to finance the loan?
Asked 4 years ago in Property Law from Mumbai, Maharashtra
It is bank's sole discretion to decide what documents they require for processing the loan; hence please approach your bank to clarify your queries.