| Address: | Nashik, Maharashtra |
I applied for home loan under Festival Bonanza Scheme in 1st week of September 2010 for Rs27.00 Lacs.After submitting documents demanded by Bank,PNB,nasik city branch sanctioned loan for Rs 27.00 lacs on 29/11/10.I kept Collateral Security of My Shop Value Rs 17.23 Lacs.Also kept Primary Security as Flat to be purchased at Pune costing Rs42.46 Lacs.I have deposited my shop original Sale Deed &Newly flat purchased sale of aggrement with Bank.Bank has laid following Term& coditions for loan sanction.1)Loan amount along with margin to be paid directly to vendor.2) Insurance of property as per bank clause.3) 24 PDC to be submitted by party. 4) EM of property to be purchased at Pune costing Rs 46.06 lacs as per valuation by govt. valuer.5) EM of colleratal security of shop at Nasik Valuation Rs17.23lacs as per Govt. valuer. 6) Processing fee & documentation chargers are waived as per bonanza offer.7) Tripartite agreement to be signed to be signed by builder, you & bank.As per details displayed on PNB web site in Festival Bonanza 2010 Scheme,Security against loans to be given details are as under.A) Mortgage of property for which finiance is being given. B) In case of purchase of house/flat from housing board/society where mortgage cannot be created immediately, a tripartite agreement shall be executed amongst the housing board/society ,borrower & the Bank..
Now as per condition A) Mortgage of purchased property of Rs 46.06 lacs is already done.Others all necessary documents demanded by bank eg Power of attorney,NOC from Builders on letter head in Bank"s prescribed format etc. Bank has already drawn DD in favor of Buiders Nane for Amt Rs 27.00 lacs. Builder is not interested to sign triparite agreement as he has alreay given Noc to Bank,& Flat is not from housing board/society . I mortgaged newly finianced flat with bank..Due to for want of tripartite agreement bank is not handing over DD to Builder. Pl let me know as per conditions A) I mortgage finianced flat with bank, then why tripartite agreement is required.(As builder not signing ) Pl guide me.
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