• 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
26123 Answers
1421 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
19210 Answers
484 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
26123 Answers
1421 Consultations
5.0 on 5.0

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