Home Loan on Resell property

So I am back again with my home loan query. 🙂

 

Ok, Here is the deal. I have finalized a property in NalaSopara-E under resell from first occupiant of the same flat(He bought from Builder). Deal will be done on 100% cheque basis (White money).

Situation:

1. The seller has a loan from Federal Bank, So its a take over.

2. He wants some money NOW, like 35% of the total value as he needs to close his debts (Other then bank loan).

3. I have some amount in hand to pay and not all.

My doubts :

1. If I Borrow some money from my relatives to give him, (As loan will be issued only after I make the Agreement with the seller). And return the money to my relatives when loan gets through. Will there be any gift tax implication for borrowing or for returning the money?

 -HDFC told me that they just need the letter from respectives lenders (my relatives) saying its a gift, but my CA told that if you take gift from non-blood relatives it has implication of 30% tax. AXIS told me that they dont need any letter, they dont care about source of money as long as I issue the cheque. Please help, I am confused.

 

– One more thing IF I give him the 35% of money in advance and then make the agreement and get the loan done. Bank will give me loan for which I am eligible and split the cheque beteen Seller and me (As I paid extra money) ? OR it will just consider the remaning amount for issuing the loan amount?

 

I hope people will reply Specially Ashal and Manish.