Urgent - loan - agreement for sale
Ria
(Querist) 22 January 2012
This query is : Resolved
Respected Experts,
Iam the seller of a flat in Mumbai. My Query is:
1) After entering into a sale agreement and submitting a copy of the same in the bank, to whom will the bank issue the cheque of loan amount, to the buyer or to the seller directly ?
2) Should the Agreement for sale be registered and stamp duty paid inorder to get a home loan ?
ajay sethi
(Expert) 22 January 2012
1)to the seller
2)no bank will disburse loan unless agreement is duly stamped and regsitered .
bank will issue cheque in favour of seller .
V R SHROFF
(Expert) 22 January 2012
1)to the seller on receiving sd pd regd Agreement with NOC, and undertaking from Co-op Society.
2)YES , agreement must be duly stamped and registered .
Advocate M.Bhadra
(Expert) 22 January 2012
Bank hand over the cheque to the vendor/seller after receiving the original Agreement for Sale.Some State in India to register the Agreement for sale are optional, there Notarized Agreement are also accept by the Bank.
M/s. Y-not legal services
(Expert) 22 January 2012
am little differ with above experts..
after entered into sale agreement bank may sanction the loan to the BUYER. how can its possible to seller?
in case if the loan sanctioned., the buyer paid entire amount mean how the seller can hand over the title to the buyer?
its not against logic?
-tom-
Raj Kumar Makkad
(Expert) 22 January 2012
I firmly stand with the wise advice of tom. The seller shall not be entitled to avail any house loan as author mentioned in serial no. 2 of his query rather buyer has already availed it and there is no question of dual loan on the same flat.
M/s. Y-not legal services
(Expert) 23 January 2012
than you makkad sir..
but after entered in to sale agreement the buyer entitled to claim any loan from bank. if bank sanctioned loan mean for the consideration buyer will hand over the relevant document to the bank.
-tom-
prabhakar singh
(Expert) 23 January 2012
As seller you need to execute a sale deed and not only an agreement to sale,bank shall sanction the loan and transfer it into loan a/c of its' debtor from which cheque or draft would be paid to you as consideration.
