POSTED BY October 12, 2013 7:18 am COMMENTS (3)ON
I have recently purchased an under-construction flat in Hyderabad. The flat is 50% complete as per the agreement.
The sale agreement value is 27 lakhs. There is no separate construction agreement.
My housing loan is approved by SBI. SBI doesn’t have tie-up with the builder. So before releasing the construction-linked amounts, it is asking me for the sale deed. However it is saying that the whole sale agreement can\’t be registered as the flat is under-construction and the sale agreement must be bifurcated into two: sale agreement and construction agreement in the ratio of 60:40. So the sale agreement should be 16 lakhs and construction agreement is 11 lakhs.
The problem is we can’t go for registering the sale agreement at 16 lakhs. As per the Govt. recommended min. market price, the flat can be registered for 24 lakhs only.
I’m not sure what to do. Can someone in this forum give me some ideas.