Bank property
BALAJI
(Querist) 07 January 2012
This query is : Resolved
I have identified a property in Theni District. I want to buy the same. When i scrutinized the documents i found that the patta is changed in the name of the Bank ( Cooperative Bank). The person holding the land has availed loan and has not repaid. My query is
1. Can a bank mutate its name in revenue records (Patta) for non repayment of Land Loan
2. If the bank can mutate its name in revenue records then under what section / or provision
3. Can the bank Give NOC for me before purchasing the land.
4. Can i Purchase the land
Please advice..
Regards
Balaji.R
ajay sethi
(Expert) 07 January 2012
if bank is selling property ask bank to produce documents in its posession . if borrower failed to repay the loan then did bank intiate legal proceedings ?
what was order passed by court? howwas patta changed in name of bank ? whether borrower filed any appeal against order?
only after going through the detailed paers you should come to decision as to buying of ptoperty .
Raj Kumar Makkad
(Expert) 07 January 2012
There is no use to ask a single question is different ways. The property sought to be purchased is under mortgage of the bank which cannot be sold to you during the pendancy of loan amount. if the same is got cleared from banker then the mutation entry shall be changed in favour of the seller/owner and only then you can purchase it otherwise there is no scope to do so as it shall be highly dangerous for you.
prabhakar singh
(Expert) 08 January 2012
1. & 2. yes!
3.&4. yes!After retiring the loan.
Enter into an agreement to sale with owner in which he agrees to sale you for a consideration out of which loan has to be deposited first,then NOC has to be obtained from bank,then entries has to be restored back in owners name and then paying balance the sale deed would be registered.
bhagwat patil
(Expert) 09 January 2012
1)bank con mutate only after appropriate courts order in 7/12 kabjedar column.In other right bank can create charge to the extent to the amount of loan. 2)sec101 comparative act . 3)if bank give NOC ,the liability of payment will be sifted on you,as the property goes anlog with charge over it. 4)you can purchase only by procedure laid down in Prabhakar sir's advice.
RAJU O.F.,
(Expert) 12 January 2012
You may have tripartite agreement with the mortgagor/borrower and the bank for payment of the debt of the borrower so as to purchase the property.
