What are the legal issues raised by SBI .

Ask them to give in writing what are the legal issues that cannot be sorted out

Then raise issue with the builder

Take the plea that title is not clear and marketable to cancel the sale deed and refund your money with interest

1) One should get note down all issues regarding litigation and get mutation, mortgage details of last 50 years.

2) If you have historically records of the property than you will understand in which direction case neex to run.

3) Meanwhile you can file complaints against both builder and bank with RERA against builder, RBI against bank and Consumer Forum against both.

1. It is essential to know that is the ' legal issue' as opined by the SBI before i can give further advice.

2. There is no bar to purchase property from the previous owner who mortgaged the same property if he either foreclose the loan while selling you or the loan is transferred in your name when you purchase the same.

3. if either of these two conditions are not fulfilled then there may be legal issue.

4. If SBI is hesitant about the loan then continue your present loan account with the Corporation bank and continue making the payment as it does not appear to have any issue with your title.

Dear Sir,

You have to lodge complaint with police and RBI. The issue will be enquired into and you will get justice. If you can offer then you may also file a civil case for recovery of amount you have spent and compensation and also for closing the loan account.

Dear Client,

You can file complain of cheating and fraud but what kind of legal issues on land ?

As NA is done it does not matter if it is residential or commercial. Residential NA can be converted to commercial NA by applying to collector office and paying the fees and penalty.

You can send builder s legal notice stating he should convert the land to commercial use or you will stop the emi payment till legal difficulty gets sorted.

You can immediately get issued a legal notice to them stating your grievances.You can file a suit for recovery along with interest for the principal amount paid.You can also seek specific performance of your contract.Besides this file a criminal complaint and get FIR registered if police not working on same then simultaneously file 156(3) in Metropolitan Magistrates court

1) If only that is issue than one can get commercial certificate from Municipal Corporation by paying extra charges or ask to builder to pay and get this property under commercial purpose use instead of residential.

2) One can check with your area municipal corporation or with district collector. Whoever had passed the layout plan and other completion certificates.

You should continue paying EMI, don't become defaultor there otherwise it will be another case than.

This is my response to you:

1. If that is so, then send a legal notice for the misrepresentation done by the builder and the co-operative bank;

2. This is clearly deficiency of services but you cannot go to consumer court (since it is commercial);

3. You can also file an FIR for cheating and breach of trust to the nearest police station;

4. Continue paying the EMI and recover the sum from them along with interest altogether;

5. If you choose to approach High Court then do not pay EMI and contest the matter on merits;

6. Consult a High Court lawyer and start the process.

Lodge a FIR against the builder and the coop bank..

On the basis of this fraud played upon you, you are free to cancel your booking.

Hello

A complaint must be filed in the national commission at Delhi against the builder and the cooperative bank for defrauding you. Also an fir must be lodged in the local police station against the builder and the cooperative bank officials and the director.

Regards

You cannot stop paying EMI

2) call upon builder to carry on conversion of property into commercial NA

3) in alternative refund your money with interest

Hi, it is advisable to file a complaint before RERA ( real Estate regulatory authority) for seeking relief

Hi

1) Basically it appears that the builder has constructed Commercial building on a Residential non agricultural land (by using residential building plan approval) and sold it to you and also have enabled you to avail loan from Cooperative bank for purchase of same.

2) SBI has not approved the loan , given that the building does not have commercial construction permission whereas Cooperative bank has granted you the loan without going in to merits of approved building construction plan.

3) Since the property is registered in your name and loan is also in your name, you will still need to continue to pay EMI to service the loan or else your loan account will become an NPA and you will loose your CIBIL score. Please note that cooperative banks will not take responsibilities for mistakes of builders and will insist that you pay the loan / EMI.

4) Your remedy will lie against the builder for breach of contract and damages in a CIVIL Court only as Consumer commission, NCDRC will not entertain your grievance given that the premises is commercial building.

5) You can claim from the builder the costs for

a) Conversion, Regularisation and approval of building permission under commercial category by payment of costs (There will be substantial costs(up to 25% of market value of land) required to be paid to Municipal corporation for conversion from residential to commercial) and

b) Pay the penalties on property taxes till such time the conversion from residential to commercial is approved. You may notice that property taxes would have / will be levied with penalties as the building permission has been violated in your construction.

6) Since the value of property is above 2.30crores, your case will be heard by District Court and cases in District courts are generally resolved faster.

Hope this information is useful.

1. NA for Residential & Commercial is the same. ONLY difference is in the way the Building Plans are sanctioned by the local Civic Body.

2. FIRSTLY Apply to the local civic body for the building plans, thru a property lawyer. After scrutiny, it can be determined whether the project is legal or illegal.

3. You can sell the property in as-it-is condition with Loan transfer to somebody else or thru the builder itself. Tentatively it seems that nothing is actually wrong if the project is on NA land.

Keep Smiling .... Hemant Agarwal

Dear Sir,

Even there are in chances that cooperative banks and private banks advancing loans on color Xerox copies of title deeds. Immediately file suit restraining them from recovery proceeding and to cancel all such alleged loan documents. Make the issue viral in social channels so that public at large or aware of such frauds.

If the SBI panel legal adviser has found some irregularities in the property documents, then it would be better you continue the loan with the same cooperative bank and try to finish the loan by arranging finance through private sources because at a later stage if somebody claims the property then you will be under great loss and hardship due to litigation etc.;, because at this stage you cannot get back your amount even if you are trying to cancel the registered sale deed once you are having a registered sale deed, you can presume that you are still safe.

Do not take a risk at this stage,

Its a co operative society and builder is also director for that society.

Should I stop paying EMI? Or continue?

If you stop repayment of loan, then they may declare this as NPA and initiate steps to recover the loan through sarfaesi act.

SBI legal adviser saying that property is not converted for commercial NA , it was only residencial NA. So bank can't finance.

This is not a major issue, you can get it converted even now by putting pressure on the seller.

1. Issue legal notice to SBI, stating on what grounds they rejected your loan transfer. Get the written reply.

2. Based on the reply, you may act whether to file civil / criminal case against the both society and builder.

3. I suggest you not to stop paying EMI.