Buying new property

Hello I am planning to buy a ready flat in Kolkata by taking bank loan. But the bank loan does not cover the registration charge which is quite high. The promoter suggested that they will help me by showing the price higher, so that I get higher amount of loan which will cover the registration expense. Is it legally OK or is illegal as per law? Please advise me.

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SHIRISH PAWAR, 7738990900 (Advocate) 25 January 2021

Hello,

It is illegal to avail the bank loan by inflating the flat price. However, there is no law to fix the price of a flat. You will be liable to pay the stamp duty on the inflated price of the flat.