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Want to sell my flat Need help

Last updated: November 14 2017
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  • Want to sell my flat Need help

    I have 1BHK flat costing Rs.30L. I have a home loan running of Rs.5 Lakhs. I have paid more than 50% of the loan amount as of now. A buyer has shown interest in my property and I am willing to sell him. But I am in a peculiar position. He's also opting for loan but from the other bank. Now as far as I know unless I have cleared my own loan I can't get the original papers for going ahead with the deal. Now the buyer is saying that He will instruct his bank to pay the remaining amount and once that is clear the loan will be approved and full cheque amount will come in his account and than he will pay me in full cheque in my name. Can it be like the full amount cheque comes in my name instead of the buyer? Should I make any agreement in this matter? What are the legal procedure to safe guard my interest and my property here? Please help me.


    Last edited November 12 2017, 01:58 PM.
  • #2

    #2

    Re : Want to sell my flat Need help

    praksy , LawRato should be able to answer your query .
    Please read IREF rules | FAQ's

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    • #3

      #3

      Re : Want to sell my flat Need help

      Hi,

      Well in your peculiar situation, it is important to understand that the remainder of your loan can be shifted to this new buyer or in other words he can take over your loan in his own name and continue to pay the instalments towards the same. It is pertinent to note here that you need not clear your loan as a precondition before selling off your flat to a buyer. It is advisable that you enter into an agreement with this person whereby he pays you the money so far invested/paid by you towards your flat and he simultaneously also takes over the ongoing loan in his own name and continues to pay the same. This is one way of safeguarding your interest.

      Thanks

      Last edited November 14 2017, 02:35 PM.

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      • praksy
        praksy commented
        Editing a comment
        Thank you so much for replying. I am extremely sorry for replying so late. I have talked to them and the Loan agent informed me that Cheque will directly come in my name. He basically told me his Loan institution will send one cheque to clear my loan and than they will issue second cheque of final payment in my name.
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