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Ashish Kalra   11 June 2017

Home loan settlement of seller

Hello,

Recently i planned to purchase a resale property in noida for which i have already given the token money and posses Agreement to Sale document. My seller already has a loan in DHFL and I have applied home loan from HDFC. HDFC doesn't go for home loan if the sellers loan is in different bank but for case to case basis they do it provided some gurantee is given(in my case it is my father's property papers). Now since the HDFC home loan process is taking time i also applied loan in DHFL thinking my agreement to sale date. I got sanction letter from HDFC and will be getting sanction letter from DHFL also. If i go for DHFL i have to pay the processing fees of 11500 which in case of HDFC i have already paid. HDFC executive is asking me to submit Father's property original papers and then within 2 days a cheque will be made in the favour of DHFL seller's account. I need to know how much time would it take for the remaining process. I have no idea whether mortgage permission or any other permission from authority will might pop up related to property transaction. Could you please advice the process afterwards if go for HDFC?? I'm scared HDFC executive will come up with some new formality requirement once i deposit my father's property paper and meanwhile DHFL executive starts asking for agreement signing and remaining amount deposition. Please explain me the remaining process. I will be really thankful



Learning

 12 Replies

Ms.Usha Kapoor (CEO)     11 June 2017

You go by salegreement for the remaining process to DHFL.

Dr J C Vashista (Advocate)     11 June 2017

Prefer transfer of loan of seller to you in DHFL 

Kumar Doab (FIN)     11 June 2017

'Buyer Beware'

applies to property deals.


Engage a very able senior counsel of unshakable repute and integrity specializing in revenue/property matters for a proper legal opinion.


It may cost some FEE but can help to protect hard earned monies and long term interest.

 

Kumar Doab (FIN)     11 June 2017

Home loan is secured debt.

The lender has 1st charge on property until the debt is full paid. 

 

Kumar Doab (FIN)     11 June 2017

You are contemplating offering your father's property also for charge by lender without getting a proper legal opinion on Property that you want to buy!

 

 

Ashish Kalra   11 June 2017

Thank you so much... U have helped me in making a critical decision... I will go for DHFL noida.....thanks alot

Kumar Doab (FIN)     11 June 2017

You are welcome.

 

 

Kumar Doab (FIN)     11 June 2017

Also engage a very able senior counsel of unshakable repute and integrity specializing in revenue/property matters for a proper legal opinion. 

 

It may cost some FEE but can help to protect hard earned monies and long term interest.
 

Ashish Kalra   11 June 2017

Surely....thanks

Ashish Kalra   11 June 2017

Thank you so much mam....I will prefer DHFL...you have solved one of my biggest confusion

Kumar Doab (FIN)     11 June 2017

You are welcome.  

Next time obtain proper legal opinion before making any payment or signing any document.

The legal opinion may be that property is not worth buying.

 

 

Ashish Kalra   11 June 2017

Thank you so much sir

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