Date:15/04
Re: Home Loan sanctioned matter.
Ref: Power Home Sanction Letter Approval No: AXIS BANK/(LNPHG)/ BRAC DEC 763/RAC-VADODARA/10-11 DTD.20/12.
I had made an application for Home Loan balance transfer to your esteemed bank (Baroda, Gujarat in your Race Course branch) in the month of oct.10. and was told by your representative that it will be sanctioned within a month, if you provide proper documents as per the bank norms. As per your requirement (Your legal adviser letter for required documents is enclosed herewith) I had submitted all required papers to your bank. After that, I was told by your representative that your loan is sanctioned now and your loan sansctioned letter is with us but they had not disbursed (released) my loan and explained that you will have to submit one more document ie.(Sale deed between seller & buyer). Till date, it is not released to me inspite of it is already sanctioned. In my case, builder has not received the occupancy certificate. So, they have not issued Share Certificate to me. It will be done in a short time. Further, in your legal adviser letter which is enclosed herewith, sale deed is not demanded. However, your local representatives are demanding the same to me. Except the sale deed, I had provided all the required documents to your local authorities, which was confirmed by your local representative to me. According to them, only sale deed is require to get the loan amount. On the basis of the same, we can release your sanction loan amount to you. In this case, I had explained the things as under to your local authorities.
As explained to me by CIDCO (AUTHORISED PERSON) & Builder & Developer that “Sale deed” comes into force when second sale is done. In my case it is not a second sale. Normally, Builder have to form the society compulsorily before construction of the building as per the CIDCO NORMS and to form a society he has to appoint members to form a society and submit the same to the CIDCO for legal approvals for construction of building. So, When I purchased the said flat from the builder, he provided require documents to the CIDCO & on the basis of the require documents, CIDCO transferred flat on my name. This is a normal procedure exsist in all over “New Mumbai areas”. And on the basis of transferred letter of CIDCO authority banks (In and around areas) approves home loans to their customers.
In my case, CIDCO transferred the flat in my name from the one of the approved members of the society (A committee member of the society when society formed before construction). So, in my case, when builder will issue the share certificate after getting the occupancy certificate, I shall be the first Legal owner of the said flat and same is confirmed by the Buider & CIDCO Authority. So, legally I am the first owner of the society & share certificate shall be issued in my name as a first owner. So, I firmly mentioned that, I am a first legal owner and “sale deed” is not require in my case.
So, I once again request you, to look into the matter at senior level as all buying transaction (activities) are made in and around Navi Mumbai under CIDCO authority is made as per the above mentioned procedure only and numbers of banks are sanctioned the home loan without “Sale Deed” including your esteemed bank in navi Mumbai area, when CIDCO transfer the flat in the buyer’s name from the society member’s name.
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