Bank Approval

[DenQuest]

When a builder mentions that his project is approved by SBI, does that mean it is not having any irregularities or deviations?

Is it safe to buy such an apartment without cross checking the documents with legal advisers?

[rewatcher]

It is not advisable to buy any property without checking the documents no matter what. The banks might not have looked at every nook and corner in terms of legality of the whole project. You might have to spend a few thousands more to have the documents checked by a lawyer - but it is really worth it.

[arigilamurali]

Denquest

Normally banks is only about their money ,therefore they will take all necessary agreements from the owner of the property.

Therefore it is better to take legal opinion before purchasing any property

r.muralidara(Advocate)

[DenQuest]

I had the impression that when a bank like SBI approves a project , the verification of the documents are done by them thoroughly.

Many thanks for the prompt reply, Adv. Muralidara & Rewatcher.

[msn1270]

Do not trust such things blindly. Majority of the builders violates the bye-laws in their projects and banks doesn't care for such things. they look at the business they get from the builders to make their margins. they dont' have any accountability in the violations and its impact in future on the customer.

[DenQuest]

Thank You, msn1270.

Can I get the contact details of Adv. Muralidara please.

[gumesh4u]

Dear Sir,
I am planning to buy the constructed house near Bagaegouda layout, Kanakapura road Raghuvanahalli in survey no 5 (3Acre 26Gunte) DC converted with B-Katha from BBMP. I have given 2 lacksas advance with sale agreement. I have submitted all documents to IDBI bank and they told papers are legally ok and sectioned loan.Later I came to know that this survey number is acquired by BDA in 1991 with final notification. This layout is almost developed and they are paying the BBMP tax from past two years. Please suggest me whether I should go head and buy this house?.


Thanks,

Umesh

[RAJESHTD]

dear gumesh4u, you must arrange for inspection of the site from BDA and get it deleted from their notifications and endorsement to be made to this effect