Hi experts...
I am an executive in a software firm. I have decided to buy a cooperative group housing society flat in Sector 56, Gurgaon.
Coopeartive Society has registered conveyance deed and also the flat has registered conveyance deed.
In order to purchase the property i have applied for loan of Rs 15 lac. in couple of financial institutions - IDBI.My Choice of institutions have largely been based on cheaper interest rates.
My current salary makes me easily eligible for loan Rs 15 lac.
However the process of loan approval has been stalled due to demand of following documents by banks in addition to Society Conveyance deed -
a. Society Land Allotment Letter
b. Society Possession Letter
c. Society Certificate of Incorporation
d. Society By Laws
My Question is that given flat is freehold and also society has registered conveyance deed, Why is bank demanding so many other documents ?
I have already provided Society HUDA approved Map (Plan of construction) to Bank.
When i started the purchase process every bank told me that as long as property is freehold, loan is not a problem. I do not understand why is there additional hassle when both society and flat have registered deeds?, or am i barking up wrong financial institutions like IDBI + SBI where there is too much scrutiny around these areas.
Thanks in advance...
