Buying flat from from Land owner
Dear Sir, I am purchasing flat from landowner who is my close relative. The project is under construction. There are 05 land owners, but Developer has done separate MoU, Development Agreement and PoA between each landowner and Developer.
1. Landowner had done MOU on 100 Rs stamp paper , where it is clearly mentioned that 04 flats of 1000 sq ft along with car parking will be given free of cost to landowner. This is not registered.
2. Landowner had done development agreement which is registered. There also it is clearly mentioned that developer have agreed to give kind consideration of 04 flats of 1000 sq ft. on 5th floor. flat numbers are not mentioned.
4. Development agreement , developer has clearly mentioned that , landowner to pay stamp duty, registration charges of these flats for sale deed.
3. then recently Landowner had given affirmation/confirmation/consent on plane paper, where flat numbers are mentioned. There is change in floor number for 2 flats due to non availability. So now 2 flats on 4t floor and 2 flats on 5th Floors will be given. In this consent signed by Landowner on plan paper, he gives permission to developer to attach this to sale deed.
My questions are..
1. If i want to purchase one of these flat from landowner, what agreement should i do?
2. Whether, flat has to be registered on the name of landowner first, before selling to me?
3. Can I borrow Home loan from any reputed bank for this flat?
4. What documents bank will demand before loan sanction?
5. if home loan is done, bank will give money step-by-step (CLP) to whom ? Developer or Landowner ?
6. Do I need to pay stamp duty , registration charges?
7. is there any other way to getting ownership of this flat, like gift agreement etc ? will it save stamp duty ?