Dear Experts,
I was looking to finalize a ready or resale flat for my self-use using bank loan.
But I am not finding the courage to book with 20% advance without having info on clear title deed and property free of mortgage/ dispute.
But for ready/ resale flat most owners are asking for 20% booking amount.
Ideal situation would have been to pay 50k or Rs 1 lac as booking amount, ask for 1 month time to do title search using Bank or Property Advocate's help and once title search results are clear & my loan is approved, pay my self-contribution of 20% of the amount and get the agreement to sale and then do the sale deed & registration once the bank disburses the remaining amount.
But most owners are not agreeing to this and I feel that I might lose a flat which I like if I follow my approach.
Is there a way in which I can go for the purchase of flat without the risk of losing my initial 20% amount (at least 5 lacs) ?
The worry is that what if I pay this huge amount and after searching it is found that the title is not clear, or property is disputed? Or what if my loan is not approved?
How can I ensure that I don't risk losing my initial amount paid if the deal doesn't go through?
Appreciate any help on this matter.
