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Author Topic: Legal transfer of flat which is mortgaged with educational loan  (Read 91 times)

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Offline eyesice

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Legal transfer of flat which is mortgaged with educational loan
« on: September 15, 2017, 05:17:33 AM »
I was looking at an opportunity to buy a flat from a seller in Chennai. He has bought the flat from the builder by paying full cash without any home loan. However, he has mortgaged his flat by taking an educational loan.

He is willing to sell the flat if I pay him a down payment of 15 L. He said that he would use the money to pay off his pending educational loan and acquire the original documents from bank post which I can approach a bank to finance the home loan.

What is the legal way of approaching such a case?

Thanks in advance

Offline adv.amarnath

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Re: Legal transfer of flat which is mortgaged with educational loan
« Reply #1 on: September 21, 2017, 09:58:37 AM »
First you go for searching and inspection of property (flat) thoroughly and then contact his bank and check the outstanding as bank has first right to receive the outstanding amount.
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Amarnath Sanyal
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