Jayprakash Kushwaha was interested in purchasing a 414 square foot flat in Nalla Sopara, which was owned by Rahul Lokhande. The total agreed consideration for the flat was Rs 4 lakh.
Prior to finalising the deal, Kushwaha approached Bank of Baroda for a loan of Rs 3.13 lakh. The bank informed him that he would have to mortgage the flat in its favour and apply for the loan after executing a registered agreement. The bank issued a pre-sanction letter on February 8, 2007. The agreement for the purchase of the flat was registered on March 12, 2007.
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