Mortgage On Agreement To Sale And Purchase. Can A Bank Lend Loans Based On Agreement To Sale And Purchase?
Mortgage on Agreement to sale and Purchase. Can a bank lend loan based on an agreement to sell and purchase?
Free Legal Advice - banking financial
Posted by: Suchitra Mishra
Posted on: 2018-09-19
As per The Indian contract 1872, a person can lend a loan form the bank on his agreement of sale purchase from the client. It can be authenticated by putting in a Stamp Paper with the registrar for the legal authentication of the agreement with the client and third party. If the agreement is written on a stamp paper with value of Bank Loan then it can be easily registered with the registrar. Banks do provide loans based on such agreement to sell of immovable properties and post the bank finance the property is purchased vide sale deed which is then kept as mortgage to the bank until full repayment.
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