Buying a dc converted plot

B R Viswanath (Querist) 21 February 2014 This query is : Resolved
Thank you very much Sir for your kind advise. If i opt to take loan from Dewan Housing Finance Limited, can i relay on the legal opinion taken through their legal adviser?

Pls advise me.

Thank you Sir once again

From B R Viswanath

Sir,

I have been given a offer (through News paper Advertisement) for a Residential Plot in Near Bangalore through a builder & developer.
The cost of offer is Rs.850/- per SFT. It is DC converted with two survey nos.(Both has independent DC conversion order). Layout plan is approved by a attached Gram Panchayat office.
The layout is for a company employees society and after that unsold balance sites are given open offer.
The developer has given a set of documents copies as xerox. Further there is GPA holder for entire transaction and GPA is registered.
His layout is approved by a Housing Financial Limited Company for purpose of granting loan for plot.
He says to get loan approved for 50% of cost, he need some documents from me for my financial repayment capability deciding.
For loan approval there, he said he had already given to Company a set of documents and the Company appointed advocate will verify the documents related to particular site and when we approach him he will take necessary EC etc for the site and would give his Legal opinion to enable company to give loan.

Now my question is 1) Is it OK to by plot in this position
2) Can we depend on Legal opinion of Company advocate for buying and taking loan from Company

I would be very much thankful to you Sir, if you could enlighten me in this event.

With due regards,
B R Viswanath

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ajay sethi (Expert) 21 February 2014
always take independent legal opinion before buying any plot .

if you are taking loan from reputed housing finance companies you can rely upon their opinion regarding builder project .

it is better to go in for projects pre approved by housing finance companies

B R Viswanath (Querist) 21 February 2014
Thank you very much Sir for your kind advise. If i opt to take loan from Dewan Housing Finance Limited, can i relay on the legal opinion taken through their legal adviser?

Pls advise me.

Thank you Sir once again

From B R Viswanath