Home | Legal Advice | Property Law | Buying property without home loan 

Buying property without home loan 

Shivendra Pratap Singh

Advocate

18/05/2022

Reading Time:

Question: I have booked a flat for Rs. 51000 in Badlapur, Maharashtra. The price of that 1 bhk is 28 lakhs. I am buying that property without a home loan. The builder said you will get possession till the end of July 2022. But the housing website is showing June 2023 possession. Can you help me step by step procedure to buy this property with agreements and when should I pay my last cheque? 

Asked from: Maharashtra

Currently the project is lagging behind the schedule. Hence, you should send a legal notice to the builder to extend the timing or schedule of payments in accordance with the delay in the completion of the project.  

You should try to make payment on the compilation of certain stages of construction within the agreed time limit. In the agreement, specifically mention the timing of payment and completion of construction work. You should pay the last cheque at the time of taking possession or execution of the sale deed. 

You should enter into an agreement to sell with the builder. That agreement must be either registered or notarised in the presence of two attesting witnesses on rupees hundred stamp paper. Mention all the terms and conditions in that agreement regarding the timing of payment and completion of construction work. 

The agreement must contain an indemnity clause which will be applicable in case the builder fails to perform his promise. According to that indemnity clause (as would be incorporated in the agreement) the builder should promise to refund the entire amount with interest if he fails to perform his part under the agreement i.e. accomplishment of the construction work as per the schedule.

shivendra pratap singh advocate

Shivendra Pratap Singh

Advocate

Practising lawyer in the High Court Lucknow. You can consult on Criminal, Civil, Matrimonial, Writ, Service matters, Property, Revenue and RERA related issues.

More For you

Sale deed time out

Question: We had sold our land to a company back in 2018. He kept delaying registration but he paid us in instalments. We have around 70% of the total amount but we haven't been in touch for the last 2 years. We have filled our presence in tehsil on the last decided...

Can husband gift mother’s property to his second wife?

Question: Can husband gift mother’s property to his second wife? My husband married me after his divorce. He has a daughter from his first marriage and is living with her mom. I have also a daughter. My question is that if my husband gift me his mother's property to...

Can a Builder charge interest on Maintenance?

Question: Can a Builder charge interest on Maintenance, Maintenance security deposit, Prime lending charges (PLC), and Documentation charges? The property was already built and ready to move. But due to a delay in payment, I had not taken possession yet.  Although I...

Recovery of money from elder brother

Question: My elder brother and two sons took a loan from me for agricultural land development and my brother gave surety for that amount. Later my brother's sons did not return money so went into court and in court my brother agreed that “he needed to pay money for my...

How to recover possession of my land?

Question: Buyer has illegally encroached on my grandfather's property. In this condition please suggest how to recover possession of my land? I am fighting for my grandfather's property. My Grandfather has agricultural land of about 17 acres. In 1988 my grandfather...

Builder address not available for RERA filing 

Question: Can we file a case against the builder if his address is not available for RERA filing? Builder address given during registration not active. How to file a complaint to RERA if the builder address is not found to send a summon. He has left that office but...

Kanoonirai has been advising in legal issues since October 2014. You can consult a lawyer through online media, telephonic consultation and video conferencing.

Contact

mail[at]kanoonirai.com
+91-91400-4[nine][six]54