Can I register the property which already has loan with Bank ?

POSTED BY tushar_kan02 ON August 5, 2014 9:13 am ONE COMMENT

Hi

I want to purchase resale property in Navi Mumbai Seawoods area. Seller has outstanding loan of 15 lacs. I depend on Home loan to finance my purchase. Bank is ready to settle the loan after I pay my contribution and register the property.

My Question is Can I register the  property which already has mortgage with Bank  ? Right now property paper is with Bank from where seller took the loan.

Thanks

 

 

 

One reply on this article “Can I register the property which already has loan with Bank ?”

  1. Credexpert says:

    Dear Sir,

    Yes, you can register the property which is already mortgaged with the bank. For registration, you will require the sale agreement between you and the seller.

    If you are taking a loan from the same bank where the seller has availed the loan, then the settlement of the loan will happen within the bank itself and the property papers remain with them.

    If you are taking a loan from a different bank, then a transaction will occur between the 2 banks and the required papers will be transferred to your bank.

    Regards,
    Credexpert
    http://www.credexpert.in

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