Buyer is asking to do the flat registration so that bank can disburse the payment
1 year ago
The buyer is saying to us that we should do the agreement of sale and we should do the registration of the flat. Once the registration is done, we (seller) should submit the original documents and the agreement of sale to the bank so that loan can be disbursed and seller receives the money via DD. Is this true and valid process?
Please advise how does the resale of the property process works when the buyer has bank loan.
Flat value: 70 lakhs.
Buyer paying: 30 lakhs.
Remaining amount is bank loan which he is saying will be disbursed from the bank after flat registration.
Flat is in Mumbai.
A.Dear client,
List of documents a buyer will require from existing lender
1. Letter of consent-You need to submit a formal application to your existing lender informing them about the home loan transfer and ask for a consent letter.
2. No Objection Certificate-A 'No Objection Certificate' or an NOC states that your existing lender has no issues transferring your home loan to the new lender.
3. Foreclosure letter- Finally, a foreclosure letter stating that your home loan is foreclosed on the stated date and no outstanding balance is left. This letter will be obtained once your new lender pays your outstanding loan amount to your existing lender.
4. Home loan statement- Collect a statement of the home loan displaying your EMI repayment track record. This statement will also have the outstanding loan amount.
5. Property documents- You will need to collect your property-related documents from your existing lender.
6. Post-dated cheques- You must have submitted post-dated cheques while taking a home loan. Make sure to collect the pending cheques.
Thank you.
List of documents a buyer will require from existing lender
1. Letter of consent-You need to submit a formal application to your existing lender informing them about the home loan transfer and ask for a consent letter.
2. No Objection Certificate-A 'No Objection Certificate' or an NOC states that your existing lender has no issues transferring your home loan to the new lender.
3. Foreclosure letter- Finally, a foreclosure letter stating that your home loan is foreclosed on the stated date and no outstanding balance is left. This letter will be obtained once your new lender pays your outstanding loan amount to your existing lender.
4. Home loan statement- Collect a statement of the home loan displaying your EMI repayment track record. This statement will also have the outstanding loan amount.
5. Property documents- You will need to collect your property-related documents from your existing lender.
6. Post-dated cheques- You must have submitted post-dated cheques while taking a home loan. Make sure to collect the pending cheques.
Thank you.
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A.Dear Sir,
That is the procedure and better go to any lawyer practicing in real estate and as per his advise you may proceed.
That is the procedure and better go to any lawyer practicing in real estate and as per his advise you may proceed.
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