Home loan

Can you get a home loan in the absence of a letter of attribution?

The owner of the house I want to buy has lost the original allotment letter. However, the owner obtained a certified true copy (CTC) after filing an e-FIR and submitting a bond for compensation. But the bank is unwilling to grant a loan based on the CTC award letter for fear of misuse of the missing original award letter. What can I do in this regard?

— Name masked on request

Based on the limited information provided to us, we assume that by owner you mean the owner of the apartment, whose title deed, i.e. original letter of allotment, under which the house was assigned or purchased by him is lost.

In this case, in addition to filing the e-FIR and bond, you can check with the relevant bank whether they are willing to sanction the loan, whether the apartment owner issues a public notice informing the public of the loss of the allotment letter (a CTC copy of which is available) and inviting complaints/objections regarding the transfer of the house, in local daily newspapers in English and in the local language where the apartment is located and no response following publication of the notice is received within the prescribed period, as mentioned in the public notice.

Normally the period is between 7 and 21 days depending on the facts of the case. Further, although not strictly applicable to the facts of this case, if the landlord of the apartment has been in continuous and uninterrupted possession of the apartment for a period of 12 years or more, this can certainly add owner value.

However, you may note that different banks have different standards for granting a loan and in the event that a particular bank cannot provide a loan, another bank may be willing to provide a loan for the same apartment depending on its own. evaluation of documents and prescriptions. conditions.

Aradhana Bhansali is Partner, Rajani Associates.

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