• Buy flat on loan

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
Are you sure you can repay such a huge amount? The risk lies with your friends.
Rajni Sinha
Advocate, Mumbai
273 Answers
25 Consultations
4.8 on 5.0
repeated query . avoid taking loan from friends . buy flat from your savings
Ajay Sethi
Advocate, Mumbai
27315 Answers
1486 Consultations
5.0 on 5.0
The way out you have to find out because it is not a small amount. How will be show from records as to from where you got the amount to buy the flat. you may face trouble in such deal. Please avoid it.
S.P. Srivastava
Advocate, New Delhi
703 Answers
13 Consultations
4.8 on 5.0
Unless you consider yourself creditworthy to repay the loan do not take it. Failure to pay the loan may invite multiple law suits being filed against you. To avoid being enmeshed in the process of law you should buy the flat from your own savings.
Ashish Davessar
Advocate, Jaipur
19587 Answers
507 Consultations
5.0 on 5.0
1) well if your relative is giving cash and does not want any documents to be executed to safeguard his interest then take the money .

2)  as advised earlier without repayment of personal loan you should not buy such a flat . you may fall into a debt trap
Ajay Sethi
Advocate, Mumbai
27315 Answers
1486 Consultations
5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Property Lawyers

Ajay Sethi
Advocate, Mumbai
27315 Answers
1486 Consultations
5.0 on 5.0
T Kalaiselvan
Advocate, Vellore
17451 Answers
165 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
13577 Answers
291 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
19587 Answers
507 Consultations
5.0 on 5.0
Devajyoti Barman
Advocate, Kolkata
6906 Answers
78 Consultations
4.9 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
3146 Answers
47 Consultations
4.9 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
972 Answers
69 Consultations
5.0 on 5.0
Ajay N S
Advocate, Ernakulam
2029 Answers
24 Consultations
5.0 on 5.0
Shashidhar S. Sastry
Advocate, Bangalore
1299 Answers
71 Consultations
5.0 on 5.0
Kiran N. Murthy
Advocate, Bangalore
823 Answers
58 Consultations
5.0 on 5.0