1. • CommentAuthorvijay_chand
   • CommentTimeMar 17th 2008

    

   • Answers: 3
   • Joined: Mar 17th 2008

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   Dear Sir, The seller did not inform me at the time of deal that society has been desolved.At the time of disbursement bank (reputed nationwide BSE listed bank) from title search report that society has been desolved in 2003.Bank has withheld my disbursement & I can not take possession of flat(resale deal).The hitch from the bank side is that in the event of default, whether bank will be able to sale/encash the property to recover it's dues.I can not easily change the property & use existing sanction for some other property as I have paid nearly 50% to seller. Is there any way out like giving personal undertaking/guarantee from seller/buyer or joint affidavit from existing tenants in the building. I understand that Reegistrar of the societies has appointed administrator for dissolved society. It is difficult to re-register the society again in shortest possible time due to some of the arrogant members. Could you please guide? Is there is any wayout/alternatives/options available? You may not be able to reach me on mobile (as I am abroad at present) but can reach me on vijay_g_chand@yahoo.co.uk or Yahoo messanger. Your timely help in this regard will be highly appreciated. Thanks and regards, vijay chand
2. •  
     CommentAuthorvikram
   • CommentTimeMar 18th 2008

    

   • Answers: 104
   • Joined: Jun 20th 2007

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   You are in a catch 22 situation. Caught between a rock and a hard place.
   
   Ideally a search is to be done prior to handing over any advance cash /commitment money or otherwise, just so that such problems do not arise. If they do then u can get away with just forfeiting the token as a worst case scenario.
   
   You have the following options :
   1) Arrange for the balance thru some other source apart from a lending institution , maybe thru private sources like friends or family . ( in this case letting go of the tax advantage of the purchase of not having a housing loan )
   
   2) Consult a lawyer and get an indemnity done , this is not foolproof as the bank may or may not agree to it, best get a legal opinion on this.
   
   3) A slightly longer route is to consult the erstwhile secretary of the building , and to get the reason for dissolution of the society and applying to the registrar of society's to get the status.The ombudsman appointed to dissolved society's is the one who can suggest a way out that would be acceptable to the banks to disburse the loan blocked.
   
   4) The loan may have to be reapplied in some other bank who may not have this clause as a pre requisite, by going thru a loan facilitating DSA of the bank.
3. • CommentAuthorvijay_chand
   • CommentTimeMar 18th 2008

    

   • Answers: 3
   • Joined: Mar 17th 2008

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   Dear Sir,
   
   I would like to add few other things to my earlier discussion which I came to know recently. There is one more tenant in the same building who has availed loan from the same bank who has sanctioned me the loan.I understand that in his case a joint affidavit from seller & buyer was given which was accepted by bank.But now the bank is saying that it may have been done as an exception but can not be made as thumb rule for future deals. I understand that there are some other tenants in the same society who have availed loan from reputed nationalised banks as well as private banks.They have "managed" to get the sanction & their loan is still continuing.The reason of dissolution was mis-management, recovery of dues, mis-use of funds for improper causes & sharing of amenities amongst members. The property is worth Rs.14 lacs & it's difficult for me raise balance funds (7 lacs) as I have already borrowed about Rs.2 lacs which has been paid to the seller. Will it be advisable to use current sanction for some other smaller area property of Rs.10-11 lacs by bringing in diffrence amount say Rs.2-3 lacs (instead of borrowing 7 lacs for current property) & start searching for buyer for existing property. As of today I am not sure whether any bank will grant loan to the said property. By the time I get sanction from any bank, market prices may shoot up substantially depending upon market conditions. Would appreciate if you could advise on these option. Thanks and regards, vijay chand (vijay_g_chand@yahoo.co.uk)

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