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THIS AGREEMENT executed on this

day of
thousand and
by Mr. ___________________________
aged about
years S/o.
residing at
hereinafter called the BORROWER/s which expression shall include his/her/their,
heirs, legal representatives, executors, administrators and assigns of the FIRST


years s/o.


, 2.
years s/o.
residing at
, 3.
years s/o.
residing at
hereinafter called the Vendors which expression shall unless repugnant to the
context mean and include their respective heirs, legal representatives, executors,
administrators, agents and assigns) of the SECOND PART
Builders/Developers, a partnership firm having its
registered office at
represented by
(hereinafter collectively called the DEVELOPER which term whenever the
context requires or admits shall mean and include its executors, administrators,
legal representatives successors-in-title and assigns)
STATE BANK OF INDIA a Banking Company registered under the SBI Act 1955
having its registered office at Mumbai and a branch office at
hereinafter referred to as the FINANCIER (which expression unless it be
repugnant to the context or meaning whereof be deemed to mean and include its
successors and assigns) of the LAST PART;
WHEREAS the Vendors are the absolute owners and in peaceful possession of
the residential property bearing
City Muncipal Council sanctioned plan, vide
to construct a
residential apartment on the said property. WHEREAS M/s.
a Partnership Firm wherein all the Vendors are the Partners have taken up
construction of residential apartment known as
the said property.

- 2-

WHEREAS the BORROWER/s having desirous of owning an apartment and

undivided interest in the said apartment complex have entered into an agreement
for sale dated
with the Vendor and Developer for purchase of
Apartment bearing No.
, situated on the
Floor consisting
of super built-up area of
sq.ft alongwith undivided right, title and interest in
the land measuring
sq.ft. and a covered car parking slot bearing
other common area. Whereas in terms of the said agreement/s the Vendor &
Developers herein have to execute a deed of sale in respect of the aforesaid
land and apartment for the BORROWER/S as per the terms and condition of the
above agreements. Whereas the BORROWER/s in furtherance of the said
agreement/s has/have paid to the Vendor & Developers a sum of Rs.
only) by way of earnest money deposit, and part installment
WHEREAS the BORROWER/s in order to raise a loan to pay the balance of Rs.
only) to be paid by
him/them to the Vendor & Developers respectively & also to pay registration
charges, stamp duty, mortgage duty, building insurance & life insurance, which
are incidental to the above, has/have made a written application on this behalf,
to the Financier for a loan amount of Rs.
only) and the FINANCIER has agreed to release the said loan
on the security by way of an equitable mortgage by deposit of title deeds of the
said unit of land and the proposed villa to be created by the BORROWER/s.
WHEREAS since the execution, registration and taking delivery of the registered
Sale Deed involved considerable time, the BORROWER/s have requested
Vendor & Developers to undertake to the Financier that the Original Title Deed
for the said unit of land and proposed villa will be handed over to the FINANCIER
directly at the time of registration. The Vendor & Developers further undertake to
inform the Financier, of the date and venue of registration of the Original Sale
Deed at least 7 days in advance in writing to enable the Financier to depute its
representatives to be present at the time of registration and sign on such records
of the Sub Registrars office enabling the representatives to retrieve the original
Sale Deed upon registration, subject to the receipt by the Vendor & Developers
of full sale consideration including the amounts towards stamp duty, registration
charges and other amounts as stated in the agreement from the BORROWER/s.
This direction and authorization by the BORROWER/s to the Financier to take
delivery of the Original Sale Deed is irrecoverable on the part of BORROWER/s.
The BORROWER/s further authorizes the Vendor & Developers to forward the
Original Registration Fee receipt directly to the Financier without any further
specific instructions from the BORROWER/s.


1.In consideration of the Financier releasing the loan of Rs.
only) to the BORROWER/s herein who have irrevocably
instructed the Financier in respect of their interest in the said property, the
Vendor & Developers hereby agree to register the title deed relating to the said
property and hand over to the Financier the original registration fee receipt for
validly creating an Equitable Mortgage in favour of the Financier subject to the
terms of the agreement between the Vendor & Developers and the
2. The Vendor & Developersshall be required to register the title deed of the
property and hand over the original registration fee receipt to the Financier. On
so registering the said title deed and depositing the Original Registration Fee
receipt with the Financier the Vendor & Developers shall stand discharged of all
its liabilities hereunder.
3. The direction and authority given by the BORROWER/s to the Vendor &
Developers to deposit the original registration fee receipt with the Financier is
irrevocable on the part of the BORROWER/s.
4.The Vendor & Developers hereby and hereunder agree and promise to
execute a deed of sale of the said property, agreement aforementioned if
necessary and called upon or ordered and shall on no account fail to do so,
provided the entire cost and stamp fee and registration expenses relating to the
said transfer and the full sale consideration due to the Vendor & Developersare
met and paid by the BORROWER/s, and they further agree not to execute any
further agreements / deed of sale in respect of the said unit and the undivided
interest in land in favour of any other person.
5. The Vendor & Developershereby promise to do all such acts, deeds and
things as needed to du1y secure the said loan granted by the Financier to the
BORROWER/s herein without prejudice to their own rights protected in and
under the agreement entered between the Vendor & Developers with the
6. It is understood that the term "Loan" mentioned herein shall include interest,
penal interest and all other sums payable by the BORROWER/s to the Financier.

-47. The BORROWER/s hereby authorise the Financier to pay the monies agreed
to be advanced to the BORROWER/s as per the Financier's sanction letter
directly to the Vendor & Developers on the BORROWER/sS account as per the

schedule of payments mentioned in the said Agreement, and all such payment
made by the Financier shall be deemed to be loan advanced by the Financier to
8. The BORROWER/s agrees and the Vendor & Developers undertake to hand
over directly to the Financier, the AGREEMENT/s executed in favour of the
BORROWER/s, if the Financier provides financial assistance to the
9. The BORROWER/s further undertake not to terminate/ issue notice of
cancellation of the agreement without prior written permission from the Financier.
The Financier however, reserves the right to refuse such approval without
assigning any reasons therefor. However, if the Vendor & Developers proposes
to terminate/ issue notice of cancellation of the Agreement/s, the Vendor &
Developers shall inform the Financier at least 15 days prior to termination/ issue
of notice of cancellation. The Vendor & Developers shall immediately on
receiving approval for cancellation from the Financier, refund within 15 days, a
receipt of such approval out of the amounts lying with them to the credit to the
The amount of loan disbursed by the Financier.
Interest, overdue interest and other payments those are due to the

However, such cancellation and the refund shall always be subject to terms of
the Agreement between the Vendor & Developers with the BORROWER/s.
10. The Vendor & Developers shall not hand over and the BORROWER/s shall
not receive possession of the property except with the prior written approval of
the Financier which written approval shall not be delayed beyond 15 days from
the date of Vendor/Developers intimate the Financier that the property is ready
for use and occupation, such approval shall not be unreasonably withheld.
11. Up to the date of Occupation Certificate from the appropriate authority, as
applicable I No objection Certificate by the Financier is granted in respect of the
building in which the Property is located, only the Vendor & Developers shall
remain in possession of the relevant property.


12. The Vendor & Developers and the BORROWER/s shall accept as true and
correct the accounts of the BORROWER/s that may be reflected in the books of
the Financier and shall not dispute the same:
13. The Financier will be entitled to recall the loan from the BORROWER/s in

case the completion of the construction of the building in question is delayed

beyond 6 months from the completion date indicated by the Vendor &
Developers and such decision to recall shall be at the discretion of the Financier.
14. The Vendor & Developers further undertake to recognize the Financier as
the duly Authorized Agent of the BORROWER/s, for implementation of all the
terms and conditions of the above understanding.
all the above being the vendors.

Builders, duly represented by its Authorized Signatory,


being the Partner


being the Partner

In the presence of:

SIGNED AND DELIVERED by the within: Name : State Bank Of India,

represented by its
authorized Official


The Chief Manager,
State Bank of India,
Dear Sir,

Builders hereby certify that:

, and M/s.

1.I/We have transferable rights to the property described below, which has been
allotted by
me/us to Mr.
(name of the borrowers) herein after referred to as
the purchasers,
subject to the due and proper performance and compliances of all the terms and
conditions of the
Allotment Letter/ Sale Agreement dated
(herein after referred to
as the Sale
Description of the property:
Flat No./House No.
Building No./Name
Plot No./ Sy. No.
Street No./Name
Locality Name
Area Name
City Name
Pin Code
2.That the total consideration for this transaction is Rs.
only)towards sale document .


3.The title of the property described above is clear, marketable and free from all
encumbrances and doubts.
4.I/We confirm that I/we have no objection whatsoever to the said purchasers, at
their own costs, charges, risks and consequences mortgaging the said property
to STATE BANK OF INDIA (herein after referred to as the Bank) as security for
the amount advanced by the Bank to them subject to the due and proper
performance and compliances of all the terms and conditions of the sale
document by the said purchasers.
5.We have borrowed from ___________Bank, ______________Branch(name of
the financial institution) whose NOC for this transaction is enclosed herewith/ We
have not borrowed from any financial institution for the purchase/development of
the property and have not created and will not create any encumbrances on the
property allotted to the said purchasers during the currency of the loan
sanctioned/ to be sanctioned by the Bank to them subject to the due and proper
performance and compliances of all the terms and conditions of the sale
document by the said purchasers.
6.After creation of proper charge / mortgage and after receipt of the copies there
of and after receipt of proper nomination in favour of the Bank, from the said

purchasers, we are agreeable to accept State Bank of India as a nominee of the

above named purchaser for the property described above and once the
nomination favouring the Bank has been registered and advise sent to the Bank
of having done so, I/We note not to change the same without the written NOC of
the Bank.
7.After creation of charge/mortgage and after receipt of the copies thereof and
after receipt of the proper nomination in favour of the Bank, from the above
named purchaser, I/We undertake to inform the society about the Banks charge
on the said flat and when the society is formed.
8.Please note that the payment for this transaction should be made by crossed
cheque/Transfer of funds favouring ____________________________(Name),
________________ (Bank Name)___________________ (Account No.)
9.In case of cancellation of the sale-agreement for any reason, I/We shall refund
the amount by crossed cheque favouring the Bank A/c of -----------------------------(name of the purchaser) and forward the same to you directly.
10.The signatory to this letter draws authority to sign this undertaking on behalf
of the company/firm vide ___________________________________(description
of document of delegation of authority to the signatory).
Yours faithfully,

Authorised Signatory.
Designation :
: Bangalore