• Purchase loan having mortgage loan

Hi,

I am planning to buy house which already having mortgage loan from Union bank of 15 lakhs. Owner mentioning all EMIs are clear but loan is pending. 

Area - Maikal Banda, Lal Darwaza, Hyderabad

Below xerox documents are provided by owner:

1. Link document - having details about previous owner having house from 1969
2. EC from 2006 - the time current owner purchased the house
3. Sale deed - 2006
4. Property Tax Receipt last year. Searched online, its pending for this year and owner ready to pay
5. Electricity bill
6. His Aadhar card and Ration card copy
7. Union bank loan sanction copy

Please advice if buying this house is good option or not. And that also through home loan, and in that case, is union bank convenient option? If we buy then what type of agreement to be done.
Asked 3 months ago in Property Law from Hyderabad, Telangana
Religion: Hindu

it is better to go in for home loan from union bank as property is already mortgaged to the bank 

 

2)sale deed ought to be executed by seller . Obtain no due certificate from society / bank 

 

3) if loan has been repaid by seller original documents ought to be returned to. Seller by the bank. 

 

4) seek inspection of original documents of title 

Ajay Sethi
Advocate, Mumbai
65453 Answers
3961 Consultations

5.0 on 5.0

Hello, 

Yes you can buy the same. If the EMI has have been paid then how is the loan pending, kindly clarify this? 

if the loan has been paid then ask the seller to take the NOC from the bank and procure the original papers of the property. 

Thereafter get a sale deed on your name and take loan from any bank you deem fir. 

 

Regards 

Anilesh Tewari
Advocate, New Delhi
16744 Answers
254 Consultations

5.0 on 5.0

Just dont rely on the documents given by seller, engage a local lawyer and inspect the documents in the registrar office. 

Ask him to clear the loan, take NOC and then only proceed ti purchase the property. 

 

Regards 

Anilesh Tewari
Advocate, New Delhi
16744 Answers
254 Consultations

5.0 on 5.0

Link document - having details about previous owner having house from 1969 -- All originals is must and if EMIs are clear than ask the owner to get the delivery of document and NOC from bank. 
Loan can be avail form any bank preferably offering on low interest rate. Get the search report prepare by bank.
Sale deed will execute.

Yogendra Singh Rajawat
Advocate, Jaipur
12259 Answers
13 Consultations

4.6 on 5.0

1.  House can be brought by considering following:

a)  Lending Bank issues NOC for Loan Transfer to you (if you wish)

b)  Seller gets "no loan certificate", from lending bank, and consequently you can buy the house, thru loan from another bank of your choice.

 

 

 

Hemant Agarwal
Advocate, Mumbai
2243 Answers
13 Consultations

5.0 on 5.0

Dear Querist

First of all get the Statement of Account from the Bank that there is any balance on the property or not.

if not than get the NOC from the Bank along with all the original documents. if there is any outstanding than file an application before the Bank for convert the loan or transfer the loan in your name.

Permission of bank to sale the property, as the property is already mortgage with the bank against Home Loan. 

 

If there is no title dispute and you like the property than purchase it. Sale Deed should be registered for the same.

 

Feel Free to Call

Nadeem Qureshi
Advocate, New Delhi
5304 Answers
256 Consultations

4.9 on 5.0

The bank must be having original documents ie sale deed in its possession 

 

2)ask seller to arrange inspection of chain of original documents .

 

3) it appears seller has paid EMI till date but not repaid the bank loan 

 

4) contact a local lawyer 

Ajay Sethi
Advocate, Mumbai
65453 Answers
3961 Consultations

5.0 on 5.0

See firstly if title is clear and there is no issue in that then you can purchase the house and can take loan from Union bank itself so it would be easy procedure.

Further if not taking loan then owner has to first pay complete loan and take NOC from the bank and release to sale the house.

Shubham Jhajharia
Advocate, Ahmedabad
18231 Answers
71 Consultations

5.0 on 5.0

Bank has to give NOC and release and handover original documents.

Shubham Jhajharia
Advocate, Ahmedabad
18231 Answers
71 Consultations

5.0 on 5.0

You need to check more earlier EC around 15 years on the said property. If emi is paid why loan showing pending? Also seek inspection of original documents and title search report. 

Prashant Nayak
Advocate, Mumbai
11647 Answers
18 Consultations

4.8 on 5.0

Incase of loan is pending,you can buy under agreement and pay the bank direct loan amount and get NOC from the concerned bank plus you can give public notice and also get the original papers verified that it has no other lien on it .

Mohammed Mujeeb
Advocate, Hyderabad
9347 Answers
3 Consultations

4.5 on 5.0

You can ask seller to provide NOC from bank . 

Contact local property lawyer. 

Mohammed Mujeeb
Advocate, Hyderabad
9347 Answers
3 Consultations

4.5 on 5.0

Dear sir

The seller is providing you all the required document to make the sale valid as from your question it look like a clear property.

As about the bank loan you can ask the seller to clear the loan and which he have to clear for making the sale as bank will not allow him to sell the property which is mortgage with bank.  So in any case he have to clear the loan before selling. 

And if you want to take the loan in this situation union bank can be a convenient option as the property is already Mortgaged with them legal hassle for checking of property background will not be there for bank loan.

Mohit Kapoor
Advocate, Rohtak
2692 Answers
1 Consultation

5.0 on 5.0

Since there is an outstanding loan subsisting on the property with the bank, you may have to enquire from the bank about the status of loan and whether they will sanction you loan or not etc.

Besides, you may obtain a proper legal opinion from a local advocate  before proceeding with the proposed purchase.

 

T Kalaiselvan
Advocate, Vellore
55300 Answers
674 Consultations

5.0 on 5.0

Seeking inspection of original document held as deposit of title documents with the bank means that you may have to apply to the bank for inspecting the same in order to verify and confirm that if the documents deposited before the bank conform to the photo copies of the document produced before you.

T Kalaiselvan
Advocate, Vellore
55300 Answers
674 Consultations

5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a lawyer