HI,
I have bought a flat in the SRA project in Mumbai. Project has got all the required approvals from SRA for development and is now ready for possession. I had bought this flat directly from builder in 2009 and have registered it and have paid stamp duity. I want to transfer my loan from Axis bank taken for this flat to SBI bank since they are offering lower rate of interest. Also, SBI has already sanctioned loan in the same property for more than 50 flats.
In my case SBI is refusing to approve loan citing that the Development agreement and power of attorney in favor of builder by the slum dwellers ( this is SRA project) are not registered but Notarized. This was done some time back in 2006 between builder and slum dwellers. Builder has acquired all the approvals from SRA on the basis of these documents for the construction of the property.
I fail to understand, if notarized documents is not a legitimate authenticate document, then why other goverment body like SRA and BMC considered and accepted it at the first place. And if this has already been accepted by the autority for approval of the property construction, why SBI is refusing to consider these documents. SBI is saying that the document is not registered. and if so, why have they sancationed loans for athor flats in the same property.
Please let me know what SBI is saying true and on this basis can they refused my loan application? What do you recommend in this case?
Thanks and regards,
Anil