Home loan sanction by bank

Devidaskshetty (Querist) 24 February 2017 This query is : Resolved
I had purchased a flat in Karnataka with a home loan of 13 lack with the submission of only sale agreement copy in between me and the builder consisting only five pages without registration. Later on it was learnt that the same property was already under the mortgage of another financial institution . Can a bank sanction homeloan under such conditions,?.
Now the financial institution has started the process of auctioning the property as the builder has not clear the dues.
It was a clear case of builder banker nexus.
How can I proceed further in this matter.
Please guide me.
Thanks
Deekay

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Kumar Doab (Expert) 24 February 2017
“Buyer Beware’
Applies to property dealings.

You should have engaged your own counsel for proper legal opinion on the property.

You have borrowed and lender shall claim the money advanced to you.

Approach your own very able and senior counsel ASAP.

rajeev sharma (Expert) 24 February 2017
Please state whether the property is a single unit or flat in a multi storey building?

Adv. Yogen Kakade (Expert) 26 February 2017
I agree with the expert Mr. Doab

Kumar Doab (Expert) 26 February 2017
Thanks for agreeing Mr. Yogen Kakade.

krishna mohan (Expert) 27 February 2017
Banker normally can not disburse loan without registered title deed. Also they will not disburse in one go. You may take the help of able lawyer dealing with property matters for right advise. You can approach internal grievance cell and ombudsman if you suspect the builder and bank nexus and not received any amount by you directly.

Devidaskshetty (Querist) 20 July 2017
Thank you so much for your response and advise. Will you please let me know how the bank can take over the property if it is not registered in my name. How much time it should take for auction of property. In case of delay should be held responsible. What action I am supposed to take in the meantime.