Rakesh (TSE) 14 January 2013

Transfer of home loan / buying a property which is on loan.

HI All,

I am going to buy a home which costs 20 lakhs... The seller says that he brought this house with a 10 Lakh loan with SBI and has been paying emi for last 2 years. So can anyone tell me if i can get the loan transferred on my name or suggest a better way to purchase this property without any hassle.

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2 Replies

Shashikant V. Patil (Lawyer) 15 January 2013

Dear Rakesh,

The day you will make sale-deed , you will pay or issue cheque of Rs 20 lacs , you issue cheque of loan balance, in the name of SBI with the concurrence of owner who shall repay and clear his loan. Hence this property will also become free from encumbrances. You meet SBI official , they will also guide you in this regard.

jayakumar.R (ADVOCATE & LEGAL CONSULTANT) 15 January 2013

Mr.Rakesh,

You apply loan with the same bank (same branch -SBI) those bank people sanctioned your loan provisionally and at the time disbursement and Execution of sale deed they will adjust the previous owner"s (Seller cum Loanee) loan amout for his loan closing his loan and balance amount only paid to the seller.