Legal Question in Real Estate Law in India

I had taken Home Loan to purchase a flat in pune on re-sale. The Bank gave the draft directly to the seller and till date he has not registered the property in my name. To avoid legal hassles I paid the Bank the EMIS`s. The Bank has my undated cheques and a signed request for the loan. The seller is not registering the property in my name and I have stopped making payments to the Bank. The Bank is still doing nothing about it and keeping aloof about the whole issue. I have paid more than 20 lacs in EMI`s to the Bank and the advance payment to the seller. What should I do? Is the Bank liable to get the property registered in my name or cancel / close the loan? Am i eligible for a compensation from the Bank? I have no written document to show any agreement with the seller. What is the best course of action for me, should I move to court to get my property or move to court against the bank for not protecting my rights and disbersing the loan without my knowledge?


Asked on 9/16/10, 6:57 am

1 Answer from Attorneys
Vishwa Arya Arya & Co.

Your cause of action is against both. Against the seller you need to file a case for specific performance of the contract to sell you the property for which considration has already been paid.

Bank must have kept the documents of the property to itself and the papers of the property must have been handed over to the bank or else bank would not disburse the loan.

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Answered on 9/16/10, 9:33 am


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