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Anand kumar (student)     08 March 2011

Plz clarify my doubt

Dear All,


I am Anand. I have a residantal plot worth Rs. 5 lakhs. I am doing small scale Business. For extension of my business, i need some money. I approached private finance for mortgage loan for 1.5 lakhs and he has reply eveyminth iun installation for 30 months. 

He asked me to sign a sale aggreement for 2 Lakhs. The agrement states that the finace was paid 1.5 lakhs and within 30 months they will pay remaining Rs. 50,000 to transfer the registration to their name. but they didnt mention any condition stating that if i fails to pay the due only, they have right go for sale aggreement.


Is there any idea or is it will crear any problem to us in future though i pay dues regularly in time.

i Need assisatant






 3 Replies

Raj Kumar Makkad (Adv P & H High Court Chandigarh)     08 March 2011

You might have put your query prior to taking loan or signing such agreement. It is not proper time to make any comment as the same shall mentally disturb you. As you are regularly making payment of agreed installments, please obtain receipts of each and every installment to avoid future dispute. I think financer is good person who is also cooperating with you till to date.

Anand kumar (student)     08 March 2011

Dear Raj,

Actually i not yet signed the sale agreement. 

Is it good to sign sale agreement for getting loan of 1.5 laks with residantal plot property?

can u explain briefly what are problem will i face if i sign a sale aggrement.

Is ter any other way for getting loan from private finance without signing sale aggreement.


Plz do the needful.



K S Narayana Rao (District Registrar)     08 March 2011

My dear friend,

If every thing goes well you pay your loan and you keep your house with you.  If anything goes wrong you loose your house. Trapes are many now a days. You can see and listen if you keep  them open. Everything can not be anticipated.   good luck 

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