What is the procedure for registering flat with builder and obtaining bank loan?

approach a bank, as a first step.

Almost all the banks are having marketing managers to market home loans. They can give full guidance about getting a home loan.

there are two situations here.

1. the flat is ready for occupation.

2. the flat/apartment is still under construction.

1. if the flat is ready for occupation, the banker gets the documents scrutinised by their panel advocate and if they are approved by the advocate as being perfect in all respects, they pay the total cost of the flat(assuming that loan is sanctioned taking all eligibility aspects like income etc in to consideration) to the seller in the presence of the registrar by way of a dd and collect the regd documents directly from the registrar. A representative of the bank visits the registrar office for the purpose. Later they deposit the documents with your other loan documents and create a mortgage against the flat, by getting mortgage document signed by you, While making the payment of cost of the flat they collect the agreed upon margin from you.

2.when the flat is still under construction,after the usual procedure of scrutinising the documents and sanction of loan, the banker enters in to a tripartite agreement with you and the builder and releases the amount at various stages of construction as agreed up on in the tripartite agreement, after due inspection of the construction. Once the flat is ready for occupation, steps narrated in item no,1 follow.

Go through the legal documents of the property with the help of a Lawyer. find out whether he ( builder)

has obtained all necessary permissions. If you are satisfied, approach your Bank for Housing Loan and other Banks also. Try to get loan from a Bank which is collecting less rate o interest and charging lower processing charges. Get an agreement from the builder about the approximate date of handing over the flat. For the delayed period he has to pay interest to Bank.

First Ask in bank about 20% amount then talk to rest of the procedure.

You contact locale property adviser, try to get loan from a Bank which is collecting less rate o interest and charging lower processing charges.

Sundude has a excellent suggestion but most banks are actually checking sales as they have got consistently been required to do but did not do prior to now. It is rather unlikely you'll get a mortgage right now unless you get one from his financial institution if he has a excellent relationship with them. Excellent relationship means he is aware of the branch manager by way of title and the manager is aware of him