Legal Question in Real Estate Law in India

Dear Sir,
I have applied for Home Loan with one of the leading finance company in Chennai. The Sale Agreement was submitted to them for 26L, but at the time of applying for loan I have clearly told them I'm going to register the property only for 20L that too because I need loan for 17L(85% of Registration Value).
After all the loan process they told based on their estimations they can give only 15L as loan amount for my property. Since they are paying only 15L I asked them can I do the registration for 17.5L.
I have my registration in another 2 days, now they are saying I need to do the registration for 26L mentioned in the Sale Agreement otherwise they cannot disburse the cheque.
Kindly help me what I can do. Thanks in advance.
Regards,
Pradeep.

Asked on 3/04/14, 5:58 pm

2 Answers from Attorneys

anuradha Dixit +9312411481 dixitlawfirm

0 users found helpful

0 attorneys agreed

do you have the communication with the bank in writing or email. the loan amount depends on the age and the percentage they are disbursing to you.at present they are disbursing a loan of 58% only.ask them in writing how much % of loan they are disbursing and why. secondly you cannot undervalue the property to save on registration .The valuation of the property is on prevailing market value. check all these facts also.

Answered on 3/04/14, 6:09 pm

Mark as helpful