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Land transaction with loan transfer
Land transaction with loan transfer
10 months ago
Can I purchase or transfer land ownership with the pending loan on land
A.Dear Client,
Land or property which is secured against a loan/debt, until and unless a NOC is obtained from the lender Bank/FI, no transaction of said property is allowed or permitted under the governing law. Even a property in debt/mortgaged cannot be a subject matter of a contract or agreement until and unless the property is encumbrance-free and title or ownership of the property cannot be transferred on either pretext.
Land or property which is secured against a loan/debt, until and unless a NOC is obtained from the lender Bank/FI, no transaction of said property is allowed or permitted under the governing law. Even a property in debt/mortgaged cannot be a subject matter of a contract or agreement until and unless the property is encumbrance-free and title or ownership of the property cannot be transferred on either pretext.
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A.Dear client,
Yes, you can purchase land with a pending loan. However, the liability to repay the loan will come on you. Please exercise due diligence before you take these steps.
Yes, you can purchase land with a pending loan. However, the liability to repay the loan will come on you. Please exercise due diligence before you take these steps.
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