Reg uds registration

SATISHKUMAR C D K (Querist) 10 February 2013 This query is : Resolved
Myself and my sisters have purchased a land and we have registered the land separately in our names as the Undivided Shares [UDS], as the Land owner was not interested in giving the Power to the builder. So we had registered the land as UDS in our name and have come with the terms that builder will be making the payment on our behalf for the land registered and construct the flats for all of us. In this regard, we made a construction agreement with the builder for building up the flat. Is it possible to get the Home Loan for the Land Cost and the Construction cost? Is any other document is required for the same.

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Shashikant V. Patil (Expert) 11 February 2013
Yes, you and your sister will definately get the Home loan for construction. It will be calculated on total area and builtup area. For this loan, you both, can became co-applicants, and if you are serving privately or in Govt. you need to give all your address proof, appointment letter, land documents, title report etc. Everything will be guided by bank official.

SATISHKUMAR C D K (Querist) 11 February 2013
Thanks for your reply. The entire land is registered between me and my 3 sisters from the land owner as individual UDS. Basically the builder is going to construct the house on our behalf and 4 separate construction agreement is done. Frankily speaking, i checked with ICICI bank and they informed that they will not be able to provide the loan as the builder is no way related to the land. The builder is one of my sister and she has also have UDS registered in her name. Please let me know is there any other agreement we need to have between us and the builder for constructing the flats.