Legal Question in Real Estate Law in India

Hi Legal Expert Team,

Please help me with below matter.

I want to transfer my home loan from Saraswat to SBI Bank.

In all formalities one requirement is to provide "Possession Certificated" from builder to very first owner.

To give you context: Property is 16 years old and I am third owner. I submitted all agreements (xerox) to bank and rest other documents. They are asking for "Possession Certificated".

When I called second owner he told he does not have it. The very first owner is out of India. I called builder office, he rudely said we dont have any old documents.

Please, suggest what can be done?


Asked on 7/02/13, 11:43 pm

3 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

03.07.2013

Dear Sir / Madam,

Although I've already replied to your query earlier, I will still simplify the way forward for you. Since SBI is asking you to submit a "certified possession letter" you should take it from the second owner from whom you have purchased the flat, get it attested by the Society and submit the original to SBI.

Regards,

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Answered on 7/03/13, 3:17 am
Fca Prashant Chavan Expert Edge LLP

03.07.2013

Dear Sir / Madam,

Your last resort is to bring the staff / officer / manager of Saraswat Bank, SBI and the Hon. Secretary / office bearer of your Society all together to the discussion table, and firm up your way forward.

Regards,

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Answered on 7/03/13, 6:49 am
Jayesh Desai Jayesh Desai

You cannot get what one does not have.

Physical possession is with you, tell the to come and inspect your possession. Had you issued advertisement? and conducted search in sub-registrar's office?Had you also conducted negative search? If yes, and there are no adverse issues; the bank should not be worried, you may approach another bank for loan.

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Answered on 7/08/13, 3:04 am


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