To clear the bank liability settelment required
Sreenivasa Rao. S.
(Querist) 19 July 2014
This query is : Resolved
Dear Experts,
We have purchased a single bed room property, the fact of bank loan was kept in darkness, when we asked for seller documents he told that it is in bank for amicable amount. One fine day banker came with seller to our door and cautioned the barrower, when we tried to explain the banker they refused to listen what we are saying, and also they asked why you have purchased the property without proper documentation. At last the barrower has paid and Rs.60,000-00 was the balance as on date. since six months the barrower is absconding, we are planning to pay the amount if the banker allows us to settel the account.We are ready to pay to avoide the risk factor. Please advice us can the banker will allow us waiver of intrest.
ajay sethi
(Expert) 19 July 2014
how can you purchase flat when seller does not have original documents ? have you purchased by regd sale deed?
approach bank to settle but problem is since you are not the borrower bank wont accept outstandings from you .
Advocate. Arunagiri
(Expert) 19 July 2014
It is unbelievable that you have purchased the flat even without seeing the EC.
However you can buy the property from the bank, with the consent of the borrower (herein seller), through private sale. By this you can settle the bank loan and get the property registered in your name.
Rajendra K Goyal
(Expert) 19 July 2014
Bank is only concerned with its loan, who so ever may pay, it would close the loan account.
Bank can not sell or register the property in your favor.
Bank may refuse to handover original documents to you as it may only be released to borrower.
If Bank agree to release on receipt of acceptable indemnity submit the same.
T. Kalaiselvan, Advocate
(Expert) 20 July 2014
I agree with the opinion of expert Mr. Rajendra K Goyal. You may have to bring back the vendor to take back the property document held in custody of the bank even after you are clearing the loan amount on his behalf..
