Registering a construction agreement...
Rajesh Dheenan
(Querist) 15 February 2016
This query is : Resolved
Dear sir/madam,
I bought a home from a builder on june 2014.I made a construction agreement b/w me and builder on 5 may 2014. At that time we asked abt the registering the construction agreement. He told us that is not needed. We applied for loan and we got sanctioned. While registering the sale deed also we didnot get any problem.. But while we applying for a mortage /topup loan for the same property at this time only we came to know about this problem.
The banker says that without registering the construction agreement they cant able to provide loan. I asked about builder but he is not reaponsing us..Please help me to know how to register my construction agreement. Or else is there is anyway to solve this problem...
H.M.Patnaik
(Expert) 15 February 2016
What I gather from the above posting , u have approached the the bank for addl. loan/ top up loan for the building under progress and need to justify ur addl. requirement before the bank. Naturally , u have to submit some documentary evidence in support of ur fund requirement .If u have entrusted the work to ur Builder, then there must be some document to evidence , the portion of work to be taken up with date of completion of work and estimated expenditure involved as well as schedule of payment to the Builder and this will form the subject matter of the const'n agreement with the Builder.
Adv. Yogen Kakade
(Expert) 15 February 2016
Ask for the justification from the bank for which purpose they require the agreement and if you get the justified answer then execute the document.. even it is better for you.
Rajendra K Goyal
(Expert) 15 February 2016
It seems that the sale deed has already been registered.
The query is not clear for what purpose the mortgage loan is required? If you have entrusted additional construction work to builder and agreement has been entered for this part, get it registered now. Old agreement after registration of sale deed does not justify registration.
You have not cleared whether old loan has been repaved? Whether loan is asked from same Bank or some other Bank / institution?
Dr J C Vashista
(Expert) 16 February 2016
The bank is asking for a marketable title of the house/floor/flat which you have intended to be mortgaged with the financier, therefore, it is your responsibility to satisfy the bank for sanctioning top up/another loan against the same property.
