• Is HDFC limited is in fault and SBI can seal flat

Question Description: 
Respected Madam/Sir,
“Shukan Sky” is one of renewed project developed by Shukan corporation – Partnership Firm,Near City pulse , Kudasan Gandhinag, Gujarat consisting 480 flats in 15 blocks .
Fact and brief of case.
•	I booked a flat in the scheme know as “Sukan Sky” promoted by Sukan Sky Corporation, a partnership firm on 13.06.2013 and made initial payment of Rs.3,60,000/- through cheque number 000001 dated 13.06.2013 drawn on BOB bank.
•	Vis a vis I applied for a home loan with HDFC Ltd. and the loan was sanctioned and full payment released
•	The sale deed was done in my name on 27.06.2013 pursuant to full payment of the agreed amount.
•	Since the home loan was sanctioned by HDFC Ltd. I had a reason to believe that the bank has done proper appraisal of all the documents pertaining to the title of the property and the flat booked by me is free from all charges, lien and encumbrances.
•	I subsequently learnt that the builder/developer had availed a project loan from SBI on 31.03.2012 by mortgaging all the piece and parcel of the land on which the scheme was being constructed. Builder and SBI had not disclosed the same in any pamplet, newspaper or brouchers. Further builder had mention in registry that the subject falt is free from any cherges,lien and encumbrances.from bank or other directly and indirectly .
•	It is learnt that the developer/builder has failed to pay the loan and bank is contemplating action against them for recovery of funds. It is also learnt that Bank is orally threatening to the flat owners that their flats will be sealed for recover.
Please advice on legal remedy. Also please suggest whether HDFC bank is in fault for not checking legal titile of Flats also SBI have right to seal my Flat.
Regards,
Abhay Gujarathi
7770893555
abhaygujarathi@gmail.com
Asked 2 years ago in Property Law from Gandhinagar, Gujarat
HDFC is concerned with the money given to you only and if develpoer has made a false declaration to you in that case all of you can file case aginst him.and if the developer has already mortgaged the land in that case bank is going to recover his entire amount
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations
3.5 on 5.0
kindly keep in mind bank has given loan to you not to developer
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations
3.5 on 5.0
1) if the land was mortgaged you ought to have engaged a local lawyer and obtained title clearance certificate  before making any payment to the builder . you have to verify antecedents of builder 

2) SBI is not bound to make any disclosure  to flat owners  that builder has obtained any loan for the project 
3)  your remedy is against builder . if builder has failed to repay loan bank will take recovery proceedings for recovery of its loan . HDFC verifies your repayment capacity at time of sanction of loan . 

4) most builders mortgage the land for construction of the project as and when flats are sold they repay loan to bank . 

5) dont stop your repayment of loan to HDFC . if you do so HDFC will sue you for recovery of loan amount with interest as per agreement
Ajay Sethi
Advocate, Mumbai
23217 Answers
1219 Consultations
5.0 on 5.0
Dear Mr.Abhay Gujarathi,

I have perused your query, pertaining to the subject matter being posted on the Forum of Kaanoon.com

Having perused your message therein, I understand that you have been cheated by your Builders, in whose favor the sanctioned loan amount on your account must have been released by your Banker HDFC. Beside the said fact, it is HDFC Bank, who has also erred prior to their sanction of loan meant for the flat, being purchased by you.

Despite all the facts, involved so far; your locus standi lies within the legal ambit of the Consumer Protection Act, 1986 and under provisions of which, you may seek and hope for relief (s) for your grievances.

I would advise you to forward your facts along with copies of all the relevant documents :

[viz. : Hire Purchase Agreement executed between you & your Builders, Loan Sanction letter of HDFC & its disbursement details, Development Agreement executed by land owner(s) in favor of your Builders, Sale Deed in your favor executed jointly by the Builders & their land owner (s), Possession Letter etc.& any other document , which you possess pertaining to the transaction]
Shivesh Sinha
Advocate, Bangalore
9 Answers
7 Consultations
4.1 on 5.0

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