I have identified a flat in Indirapuram, Ghaziabad and paid the token amount. The flat is in a 5-6 year old society and is valued at 42 lakhs.It has already passed through 2 owners and so has been registered with the Noida authority twice.
The seller has the present and previous sale deeds with him but doesn't have the original allotment letter/possession letter given by the builder to the first allotee.(He says that he probably got it from the previous seller but he misplaced it)
Now, when I am approaching the national banks like PNB and LIC for home loan, they are saying that they need complete property history chain and without the original allotment letter/possession letter, loan will not be possible. Private banks like IDBI, AXIS, ICICI however are agreeing to provide the loan on the basis on an Indemnity bond.
My question is, is the property compromised in the absence of missing allotment letter/possession letter? and should I buy this property?
