Home loan for resale house - reg

[KGSIPO]

I am planning to buy a resale flat which is under a loan in a private bank. I requested the seller to close the loan and give me the encumberance certiifcate showing house is on his name. However, he is requesting me take over the loan and i can take loan from public sector bank only . Is it correct to take the loan of the seller for buying the house. How the procedure works regarding mortgage, demortgage. Is it possible that the seller can runaway after relelasing his mortgage. Totally confusing . Can any of the members brief the procedure in this. Thanks

 

[Vasuki]

Loan transfer is better way
Glad your initial plan for paying all due didn't work

A case - buyer paid 1st owner cash to pay the loan
Owner never transfered the land


If you do loan transfer it's legal and bank has the property papers so it would be a bank to bank transfer
Other registration work u can take help of good lawyer + make builder association 3rd party while registering

 

[KGSIPO]

Loan transfer is better way
Glad your initial plan for paying all due didn't work

A case - buyer paid 1st owner cash to pay the loan
Owner never transfered the land


If you do loan transfer it's legal and bank has the property papers so it would be a bank to bank transfer
Other registration work u can take help of good lawyer + make builder association 3rd party while registering

Thanks for your views . I exactly do not need loan but I am not confident of paying the loan amount from my pockets as I will miss something which bank will take care as it's their daily job . Due to this, I am not confident

 

[Vasuki]

Thanks for your views . I exactly do not need loan but I am not confident of paying the loan amount from my pockets as I will miss something which bank will take care as it's their daily job . Due to this, I am not confident

See home loan is 100% a good loan even if you can afford payment upfront.

If you don't confident in the deal walk away
U will get better deals 🤝

Land / flats cases are worst type in any country
Goes long and long and long