is allowed to pay loan balance instead of seller is allowed to pay loan balance instead of seller

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.

Anik

Responded 3 weeks ago

View All Answers
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?
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Kishan Dutt Kalaskar Retired Judge

Responded 2 months ago

View All Answers
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.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Read Related Answers

question iconMutation of Ancestral property in Delhi
Dear Sir, Please go to the concerned office and check list and accordingly try for mutation. The available documents seems to be sufficient.
question iconSale agreement validity
Dear Sir, In all it is valid for 3 years from the date of its execution. It is the duty of prospective buyer to claim such a amount by issuing a legal notice.
question iconFamily property issue
Dear Madam, Section 15 in The Hindu Succession Act, 1956 15. General rules of succession in the case of female Hindus.— (1) The property of a female Hindu dying intestate shall devolve according to the rules set out in section 16,— (a) firstly, upon the sons and daughters (including the children of any pre-deceased son or daughter) and the husband; (b) secondly, upon the heirs of the husband; (c) thirdly, upon the mother and father; (d) fourthly, upon the heirs of the father; and (e) lastly, upon the heirs of the mother. (2) Notwithstanding anything contained in sub-section (1),— (a) any property inherited by a female Hindu from her father or mother shall devolve, in the absence of any son or daughter of the deceased (including the children of any pre-deceased son or daughter) not upon the other heirs referred to in sub-section (1) in the order specified therein, but upon the heirs of the father; and
question iconGrandfather property issue
Dear Sir, Even ill legitimate children are entitled for equal share in the property of their father. Thus you are entitled for equal share.
question iconLoan not being returned.
Dear Sir, Getting status quo depends upon various factors like your title deeds, contents there in and Khatha certificates.