Expert opinion
pawan
(Querist) 01 July 2016
This query is : Resolved
I have sold a house & now i want purchase a new house by taking a loan from a bank. I want to know that:
Can I pay installment of my housing loan from the amount which I have received from house which I have sold as I want to know about all the details about the Title deed of the new house. Thats why I want some loan.
Kumar Doab
(Expert) 01 July 2016
You may engage an able counsel for complete legal opinion on title etc of the property you want to buy, before signing the agreement to sell.
You can pay from any know source of income/proof of funds.
R.K Nanda
(Expert) 01 July 2016
Nothing to add.
Devajyoti Barman
(Expert) 01 July 2016
There is no restriction of making payment from other account or source of income as long as the same is legal.
Yes do get all the title deeds checked from a local lawyer.
Rajendra K Goyal
(Expert) 01 July 2016
Technically you can pay.
In this way you would be paying interest on your own money (having money and paying interest on loan) for nothing and hence adopting very bad financial management. Even an illiterate person would not plan in this way.
If you are thinking of tax benefits on interest / installment, try to analyse by drawing comparative table.
Kumar Doab
(Expert) 01 July 2016
Mr. Goyal is seasoned banking matters expert and has rendered valuable advise.
You may do our own homework.
H.M.Patnaik
(Expert) 01 July 2016
From the above query, I understand the value of the property to be acquired is much higher than than the sale value of the property sold, so you are expoloring the possibility of availing housing loan.
Now coming to the advice by Mr. Goyal, first of all you must minimise your loan requirement, otherwise you will unnecessarily pay interest. Secondly, if you are trying to plan your Income tax liability arising out of Capital Gains from sale of old property by investing in a new residential property as per provision of law, you have consult a Incme tax lawyer / C.A. locally with facts & figures for proper advice.
Thirdly, you have indicated regarding details of title deed of new property, I hope you are hinting at requirement of the bank for granting housing loan.If that be the case , take a copy of the title deed /R.O.R. as well as E.C. for past10-12 years to a civil lawyer dealing n banking matters to find out the suitability of the same of mortgage loan purpose.
J K Agrawal
(Expert) 01 July 2016
Mr Pawan
You are right. If you obtain a loan (even thaugh you have money), the bank generally check the title documents and every thing is ok they give loan. This makes you safe. This may cost a little to you but if any dispute comes up, you have a bank also standing with you.
It is further be noted that some banks are strict towards norms and some others are loose. Try to get loan from nationalized bank only.
Rajendra K Goyal
(Expert) 02 July 2016
If the person is having enough money, he should never prefer loan from Bank.
He can get his titles checked from local lawyer.
If he want to get it checked from Bank lawyer, he can apply, he would have to pay small amount for legal opinion and processing charges, he may prefer not to get the loan disbursed after sanction from Bank.
Agree, he should prefer to approach nationalized Bank.
Experts are advising by guessing the circumstances / facts, hope the author would come out with actual situation. He has preferred to keep mum.
