Assume I am X. I have booked a flat with builder. I have taken a home loan to pay the builder. Till today i have already paid 80% of the total price. Now i want to sell this property to Y .
Builder is ready to transfer the allotment to Y after taking the contracted transfer FEE.
Sir Just want to know if Y have to take a home loan for the same property, what are the procedure?Since my current bank (From where i have taken a Home Loan) is refusing for the same.
Asked in Property Law from Greater Noida, Uttar Pradesh
1) generally in such cases you approach the same bank and loan is transferred in name of purchaser
2) in your case since your bank is refusing to transfer loan in favour of purchaser the purchaser would have to approach another bank for home loan
3) out of loan sanctioned to purchaser his bank would transfer sale consideration to your bank for repayment of home loan .and original title documents delivered to his bank
Your bank can not say no to anything --- what you need to do is as per below > Assuming your house was for 50 lacs and you paid 10 lacs your self and 35 lacs paid by bank and balance 5 lacs still to be paid to the builder. What you need to do is - assuming you now sold your house for 60 lacs
You need to pay the entire loan amount directly to the bank along with foreclosure charges. This money can be paid directly by the New Buyer to the bank form the money he has to pay you. He also pays the balance 5 lacs directly to the builder at the time of possession and the balance to you.
Dear Nehar Sir,
I am fine with your reply. Thank you very much.
But want to know the few more details....
My new buyer wants to avail a home loan to buy this property.Kindly guide me what all procedure we need to follow?
Asked 7 months ago
I have already advised you the procedure to be followed by buyer for availing home loan
Dear Mukesh Ji,
Either you buyer can get the loan transferred on his name or he can avail loan from the other bank and this bank will give payment of all outstanding to your bank... and rest remains same as mentioned in previous message. For detail info on same please feel free to contact me through my web presence.
The home loan on the property shall have to be fully repaid by a tripartite arrangement and the new buyer can be granted loan or the bank has to give NOC for this purpose.
Without closing the home loan how will the new buyer become eligible to avail loan on the same property which is already under loan.
You have to sit and talk with the manager about this and arrange to get the loan transferred to the new buyer by observing the requisite formalities in this regard.