sanjay patel 01 October 2019

property fraud

Bank disbursed the loan to builder by entering into third party agreement but did not register the loan. Builder further sold the flat to me and as this was not registered so dint reflect in EC and sold as first transaction. Later emi to bank was stopped by dummy buyer (builders person) and bank is trying to seize my flat saying there arw outstanding loan on this. How can i safeguard my flat, what all rights i have? And is banks claim legal with just agreement without registration? Even agreement is more than 3years..

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5 Replies

Shashi Dhara 01 October 2019

Lodge criminal complaint against them on fraud and also file civil suit against them.

G.L.N. Prasad (Retired employee.) 01 October 2019

First understand that you are a borrower of the bank and you are bound to return the amount, security is a secondary aspect.. When the purchaser is not having knowledge on such sale transactions, as huge investments of life savings are to be catered to getting a home, professional advice and guidance is a must.. Show documents and get a bit of professional advice, as the details you have provided lacks clarity.

Kishor Mehta (CEO) 01 October 2019

If the purchase agreement between you and the builder is duly stamped, executed and registered and you are not a party to the third party agreement with the Bank, then you have the legal right of possession.

Sri Vijayan.A (Legal Consultant) 01 October 2019

I fully endorse the advice of Sri.GLN Prasad.

Nothing more to add.

Criminal complaint is one solution.

P. Venu (Advocate) 01 October 2019

Such transactions are quite common; obviously, you alone may not be the affected party. As such, you should try to take a common stand. In my understanding, being the innocent third party, you are entitled for protection of law.