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Akash (XYZ)     26 October 2013

Resale flat loan

I am planning to sell my flat in mumbai. The buyer is requesting me to give him a copy of the purchase agreement and the share certificate so he can show it to the bank. I am not sure if the buyer can misuse this information. Usually how long does the bank take to process the loan and within how many time will i get my money. Is this option worthwhile persuing?



 3 Replies

jayakumar.R (ADVOCATE & LEGAL CONSULTANT)     26 October 2013

Generally Bank Loan Process will take One Month to Two Month there are lot of formalities involved in the loan process. i.e., Technical Verification, Legal scrutiny of the title deeds, Personnel verification Including Salary or business verification and loan eligibility of the applicant, if you have doubt you contact the bank where your proposed buyer applied Home loan and directly hand over the property paper copies to the Legal officer or officer who looking the matter & enquire the time frame to complete the process. 

K.K.Ganguly (Advocate)     26 October 2013

1. The prospective buyer will collect documents from you which ascertins that you are the bonafied title holder of the property,

 

2. You should mark 'COPY' on all pages of whatever document you  handover to him,

 

3. The loan should be disbursed within 1 month if the bank is satisfied with the submitted documents. 

T. Kalaiselvan, Advocate (Advocate)     29 October 2013

The requirements or the formalities the banks insist for grant of loans, have to be observed in order to avail the desired loan, hence there is nothing wrong in handing over the copies of the vital documents to the prospective purchaser and if you still want to doubly confirmed, go the banker yourself, confirm the issue and handover the said documents under an acknowledgment, hope this would solve your problem?.


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