My agreement with builder was 26, 00, 000. On the basis of agreement bank gave me a loan of rupees 20, 80, 000. During registration as the market value was 18, 47,560 the deed was of 18, 47, 560. Now the bank is pressurising me to change the deed and turn it into a deed of 26, 00, 000. Is it possible? If possible then how?
I want to rectify my original deed and turn it into a deed of 26,00,000. Is it possible? It's very urgent. Thanks.
1. Execute and register a rectification deed by correcting the said mistake,
2. Bank will certainly ask for the said correction since they can not lend you Rs.26 lakhs for purchasing the flat when you have purchased it at Rs.18,47,560/-,
3. Alternatively, you can return the excess amount you have collected from the Bank.
1.Yes, it is possible,
2. Register the rectification deed as suggested in my earlier post.
Please tell me about the process of the rectification of original deed.
1) bank would not sanction loan for more than property value
2) if value shown in agreement is Rs 18.47 lakhs bank cannot disburse loan for Rs 20.80 lakhs
3) banks don't disburse loan fur more than 80 per cent of value of property
4) hence bank wants true value of property be reflected in sake deed
5) deed of rectification can be executed by builder to reflect true consideration of purchase of flat
1. No, it is not possible. You can not inflate the sale price as it would put pressure tax upon the builder .
2. If the builder agrees then you can do so.
3. Sale price cna not be rectified. Only typographical mistakes can be corrected by way of rectification deed.
If the sale deed has been registered then the consideration specified therein can be changed legally only if the seller agrees to execute a rectification deed. However, this may invite your penal prosecution for furnishing false information to a public servant. You may have to explain as to how this error cropped out in the first place. The bank has given loan on the basis of agreement, so it has no business now to advise you to change the sale consideration in the sale deed.
1. Contact the lawyer who had registered your said sale deed,
2. Ask him to draft a rectification deed for rectifying the errors made in the earlier sale deed i.e. regarding the price of the property and consideration paid by you,
3. Show the draft rectification deed to the Bank for their confirmation,
4. Register the same with the registrar.
My agreement with builder was 26, 00, 000. On the basis of agreement bank gave me a loan of rupees 20, 80, 000. During registration as the market value was 18, 47,560 the deed was of 18, 47, 560. Now the bank is pressurising me to change the deed and turn it into a deed of 26, 00, 000. Is it possible? If possible then how?
Asked 1 day ago in Property Law from Burdwan, West Bengal
Since the bank has already granted loan for that amount, now quoting a lesser aunt shall become a problem for the bank. Bank will e in a fix for having not enquired the value properly.
However you can still change the consideration amount in the registered document. You only shall be held liable for default if any.
I want to rectify my original deed and turn it into a deed of 26,00,000. Is it possible? It's very urgent. Thanks.
You can very well get a rectification deed executed and registered in your favor changing the correct amount as Rs. 26,00,000/-
Please tell me about the process of the rectification of original deed.
You can approach the builder who will get you drafted and get your desire fulfilled.