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Author Topic: How can i buy a agricultural land that is in bank debt?  (Read 497 times)

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Offline ashirwad19

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How can i buy a agricultural land that is in bank debt?
« on: June 08, 2016, 08:51:33 AM »
I want to purchase a land that is in debt of a bank. owner of that plot have taken 8 lakhs rs loan from a govt bank and he is unable to repay it so he is selling that land to me and saying me to pay the loan on his behalf but i don't want any risk because what if after paying his debt he became greedy and don't sell that plot to me but is it possible to buy it first ? And pay the debt after registration.

any help will be greatly appreciated thanks.

Offline adv.bharat@PUNE

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Re: How can i buy a agricultural land that is in bank debt?
« Reply #1 on: June 08, 2016, 10:19:44 AM »
When bank conduct auction of that property u can participate in it. Pay the auction money and get the property

Offline rajgopal sripathi

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Re: How can i buy a agricultural land that is in bank debt?
« Reply #2 on: June 08, 2016, 09:59:49 PM »
Hi
First contact the banker to whom the property is mortgaged.
If you and the borrower approach the banker together, the banker might agree to issue No objection certificate to you and also support the sale of property.
Without NOC from the bank you cannot directly buy the property from the buyer.
Alternatively the bank might auction the property and you can buy the same through auction. First option is better because you might get a good price and also an early closure of the transaction.
Rajgopal Sripathi
Mobile:9704772200
email:rajgopal@legalwin.in

 

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