Transfer of home loan for Under construction property
8 months ago
I'm planning to buy a resale flat in bangalore which is under-construction. The seller has paid about 80% of the value, out of which half is via a home loan in SBI. I cannot pay the entire amount through cash as well and will need to take a home loan. Is it possible to transfer the loan to my name?
A.Dear client,
The new owner needs to fill out the home loan application form and pay the home loan transfer charges as well. The new owner needs to get a No Objection certificate from the authorities. The new owner needs to complete all the KYC formalities with the lender.
The new owner needs to fill out the home loan application form and pay the home loan transfer charges as well. The new owner needs to get a No Objection certificate from the authorities. The new owner needs to complete all the KYC formalities with the lender.
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A.Dear Client,
A home loan can be transferred from one person to another only if the owner of the property decides to sell the property to a new buyer. However, there is a proper process involved in transferring home loan from seller to the buyer. The seller has to produce a letter depicting the foreclosure of a home loan to the buyer. If a property owner does not want to repay the loan any further, he/she can transfer the debt to someone else. But that will happen only if the owner sells the property to the new buyer and gets the ownership title transferred to the latter.
A home loan can be transferred from one person to another only if the owner of the property decides to sell the property to a new buyer. However, there is a proper process involved in transferring home loan from seller to the buyer. The seller has to produce a letter depicting the foreclosure of a home loan to the buyer. If a property owner does not want to repay the loan any further, he/she can transfer the debt to someone else. But that will happen only if the owner sells the property to the new buyer and gets the ownership title transferred to the latter.
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