sadashiva (advocate) 27 September 2010
Dear sir,
i wish to purchase a property which is mortageged in the bank as a collateral security by the seller.wright now i don't have much money and ready to pay a part from the loan amount extra sale consideration to the seller then plan to continue to pay the emi of loan by me and once it get cleared then plan to enter into sale deed.
Kindly instruct me what procedure should be followe,
Raj Kumar Makkad (Adv P & H High Court Chandigarh) 27 September 2010
I dont suggest you to purchase a house which is already mortgaged with bank. You may advance a loan to the seller or can arrange futher loan so that he may re-pay hi entire loan/mortgaged amount and once the house becomes free from all types of encumbrances then you may purchase it and can adjust your loan amount but it is highly dangerous to purchase a house under mortgage of abnk.
M. A. Khan (advocate) 27 September 2010
if you want encumberance upon the flat, than purchase flat alongwith its liability, with the consent of bank.
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