Hi,
I wanted to buy a resale property (apartment flat) of 10 yrs old in Bangalore. So as per seller, I paid INR 1 lakh to get the documents and signed Letter of Intent. The clause mentioned in LoI was "this deposit will be refunded if there is any legal issue and no bank other than X bank gives loan". (X bank is the bank with whom this property has outstanding home loan).
After verification i found there is no legal issue but there is around 50% deviation as compared to the original sanction plan. Both SBI and X bank rejected my loan application due to deviation. I told the seller that I don't want this property as this has such a huge deviation and even home bank (X) has rejected application.
But seller has refunded me only 50k INR and not whole INR 1 lakh stating opportunity cost. I think I should get the whole money because there is so much deviation and the seller didn't tell me earlier about it. Moreover in parent deed the SBA is mentioned as 900 sq ft whereas in A-Khata it is 1000 sq ft. They are selling me on basis of 1000 sq ft.
Please suggest:
- If I should get the whole money?
- What SBA should be taken while doing valuation.
- Should I go ahead if the seller agrees to do re-sanction of the property? How much time does it take for resanctioning?
