Loan on pagdi system house

Querist : Anonymous (Querist) 13 November 2017 This query is : Resolved
Hi I am Manoj Baria, my house is a pagdi system house so if the buyer wants to buy the house can he opt for housing loan on my house?

Follow Query

Report Abuse

Querist : Anonymous (Querist) 13 November 2017
Hi I am Manoj Baria, my house is a pagdi system house so if the buyer wants to buy the house can he opt for housing loan on my house?

Ms.Usha Kapoor (Expert) 16 November 2017

Banks insist on a clear title on the property that offer as collateral, and the same will be verified by a legal check, the registrar and notices placed in newspapers. The bank needs an assurance that it has a legal right to liquidate the property, in case of default.

It will be against banking principles to give a loan, in absence of these factors..However loanee/borrower can take advances of housing loan or personal loan against the fixed deposits as security without much cut or burden on his savings.

Dr J C Vashista (Expert) 16 November 2017
You can sell it to anyone, however, you will face problem when the buyer shall ask for possession since tenant is occupying the property.
Whatsoever, the buyer can avail housing loan, there is no hitch since the title of property is clear and marketable.

Ms.Usha Kapoor (Expert) 16 November 2017
If you appreciate my above answer please give me likes.

Rajendra K Goyal (Expert) 19 November 2017
No advice to an author who is anonymous.

You can post the query in fresh thread with your identity and material facts.