Property owner has bank loan on the property !!
Sudhin2218
(Querist) 13 May 2014
This query is : Resolved
I've finalized the plot to buy in Bangalore its a BDA approved property. the owner of the property saying that he has 19.5 lakhs Bank loan on that property. what are the loan related bank documents like Loan account statement, cerified copies of the documnets pledged in the bank, that I need to ask him to provide apart from mother deed, sale deed , Khatha certificate , tax paid receipts, EC.
Please let me know, how to ensure that he has only 19.5 lakhs loan on that property, not anything more than that?
The reason I'm asking this because, the deal is .. he is expecting me to pay 20 Lakhs rupees for the agreement so that he can clear of the loan and then pay the remaining amount and get the property registered in my name.
ajay sethi
(Expert) 13 May 2014
1) ask seller to obtain letter from the bank as to total amount due and payable under the loan .
2) bank furnishes an account statement every year mentioning the amount received towards principal and interest .
3) you should insist that you will pay the bank directly the balance amount due and payable .
V R SHROFF
(Expert) 13 May 2014
get POA also , in addition to what is suggested by Experts
Sankaranarayanan
(Expert) 14 May 2014
Get what are the documents pledged and how much due as if now. The banker will give the details. Once you confirmed then you pay the amount by RTGS or DD. Get PoA also as suggested by. Sheroff ji
Rajendra K Goyal
(Expert) 14 May 2014
Bank will provide account statement on demand, may charge if duplicate is required.
Deposit directly in the Bank loan account the amount paid or through cheque / draft in the name XYZ Bank a/c ABC loan account no. XXXXXX.
Get the sale agreement duly drafted by some expert and signed.
T. Kalaiselvan, Advocate
(Expert) 14 May 2014
I agree to the opinions by the experts, besides, consult a local lawyer, have his opinion, in case his opinions are not satisfactory, take a second opinion and then after personally satisfying with all other things, you may proceed if it is conducive.
K.K.Ganguly
(Expert) 16 May 2014
1. If the property is mortgaged with the Bank, he can not sell it to you without the written consent of the lender Bank,
2. You can collect latest statement of accounts for his said loan account from the Bank through him,
3. You can enter in to a tripartite agreement with the Bank by which he will register the sale deed in your favour & pay the Bank its dues against which the Bank will handover the title deed, kept with it for creating mortgage, to you.
Parthasarathi Loganathan
(Expert) 22 October 2015
Before executing a proper sale agreement, it is advisable to call for the following documents:
1. Latest EC alongwith copy of property documents including tax receipt, khatha, etc
2. If the bank's name appears on EC, visit the bank's branch personally and enquire about the loan details availed by the seller including the sanction letter.
3. Copy of loan statement
The balance outstanding in the loan should be adjusted first out of the advance amount and must be duly mentioned in the sale agreement and the balance consideration amount to be paid or adjusted at the time of registration. In the mean time, you can put up a request to the bank not th release the original property documents to the borrower during the currency of the sale transaction. This is the simple and practical solution available in accordance with the Fair Practice Code for Lenders
