• Loan agreement

I want to buy a flat of 20 lakhs from a promoter but do not have any cash and want to borrow it.One of my relatives is ready to pay the whole amount however does want to give it as a gift nor does he want to sign any agreement stating that we have taken this amount as loan from him.is there any mid way out as i desperately want that flat and i am not eligible to take a loan as i already have 2 lakhs personal loan in my name.Please help
Asked 3 years ago in Property Law from Kolkata, West Bengal
1) first repay your personal loan of rs 2 lakhs 

2) secondly save some money so that you can invest atleast 20%of cost of flat . 

3) balance 80%you can obtain as bank loan . 

4) if your relatives are willing to advance you money interest free then take the loan if you so desire
Ajay Sethi
Advocate, Mumbai
26123 Answers
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It seems that your relative wants to help you but does not want a record of the same for the reasons best known to him. If you take his money without proof/agreement etc. you may be in trouble as to your source of money/income to buy the flat.So, it is not advisable to go for such transaction unless he is ready to pen that the same is taken by you as a loan from him. Otherwise go ahead as my learned friend mr. Ajay Sethi has opined.
S.P. Srivastava
Advocate, New Delhi
703 Answers
13 Consultations
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Your relative is willing to give you the money without documenting the transaction. His intentions seem to be good. If you consider him trustworthy then you may take the amount from him.
Ashish Davessar
Advocate, Jaipur
19179 Answers
484 Consultations
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