Buying a house which is under loan

1. How do i need to proceed legally to buy this house.

Ans. Meet the banker without whose consent the property cannot be sold or transferred on your name.

2. I am planning to continue the loan he has taken by transferring the loan to my name. Is it possible.

Ans. It is the banker's discretion whether to continue or close the loan account, much depends on your eligibility criteria for a loan.

3. When can the house be registered in my name. Can the registration happen as soon as i take over the loan?

Ans. Yes, the registration can be immediate provided one of the two occurs as discussed in Point 2

Thanks a lot vishal for your opinion. 

One cannot continue a loan given to someone else.

The procedure is that the bank will assess your eligibilty for a home loan for the amount you may wish to take which oculd be more or less than the current balance laon amount.

Once the bank agrees then when you purchase the property, you will have to ask your loan giving bank (yes you can take a loan from any bank though it is advisable to take it from the same bank to reduce problems) to give a cheque or transfer/disburse the outstanding loan amount towards the sellers loan account after which they will give an NoC for transfer of the flat and also release the orginal papers to your lender.

The terms and conditions for your loan may differ from the seller's loan terms.

Please discuss with your lending banker.

S Jadhav

Thank you Jadhav for your reply.  Bank manager said the same. I will be taking a fresh loan for the amount out standing in seller's loan.

Thanks

Naresh