is allowed to pay loan balance instead of seller
1 year ago
Hi , I am planning to buy commercial land which is mortgaged with bank.I want to know if I can pay the loan balance instead of the seller. is banks are allowed.
A.Dear Client, kindly clarify as to the payment of loan balance that you want to pay to the bank instead of seller?! Generally, before transfering the property to you, the seller will release the bank loan from the land (by clearing the mortgage amount or dues to bank), and will then sell it off to you. In such a case, is your question that if you can pay the banks emi's for the land?
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A.Dear Sir,
Yes, you can directly pay loan amount to the Bank which is safer side otherwise the seller may take that amount and swallow it.
Yes, you can directly pay loan amount to the Bank which is safer side otherwise the seller may take that amount and swallow it.
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