Hi sir i have purchased a commercial car in may 2017 loan is from hdfc bank now i want to sell my car i also got a call from many buyer they are paying me the amount i paid at the time of purchasing the car (down payment) and rest emi buyer is saying i will pay by making a agreement and hdfc is not transfering the loan.So by making a agreement can i sell my that is on loan plsss help me
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1. Since the car is hypothecated with the bank you cannot sell the same without the permission of bank.
2.in many car loan foreclosure of loan is permissible only after a certain timelike 6-18 months later.
3.before that you to foreclose the loan you may will have to pay penalty.
4.So talk to bank and then proceed.
5. Sale without permission of bank would attract criminal prosecution like cheating.
1) you need HDFC Bank consent to sell the car as it is mortgaged to bank
2) if HDFC is not transferring loan you have to repay the loan and then sell the car
If i am signing an agreement and agreement from court where everything will be mention that from this day i am selling my car to this person and from now he will be responsible from emi and car i got a call from buyer he was telling that this is legal we can do it so plss tell i can go head with help of agreement or tell the right way so that i can sell it within loan period
1)there is clause in your agreement that you cannot sell the car or create third party rights during pendency of loan
2) further there is no guarantee that buyer would continue to pay EMI after sale of car
3) you would continue to be liable to bank for repayment of loan
Yes, you may go ahead, however this will be an internal arrangement between you and the buyer. The pending EMIs will still go in your name though the contribution is going to come from the new buyer. No impediment as long as you two are ready.
Hello,
Yes such type of agreement is legal and you can go ahead with this; and get the FORM 35 signed in advance.
Regards
If the car is on hypothecation to hdfc, they may require the borrower to repay the entire loan.
However you cannot sell or transfer the car without clearance from financier
There should be a limit to all imaginary concepts
There is no provision in law to enforce your proposal
You cannot force the bank to accept your loan restructuring either