Legal Question in Banking Law in
I want to buy a property,which is already declared NPA by a bank( Due to the poor repayment from its owner).The due amount of the bank is 3.75 Lacs. The owner wants to sale it to me at 8.5 Lacs( 3.75L for bank + 4.75 for himself ).
Can my bank promote me to buy it fully?
If not, and if I will purchase (through my own fund) the owner's banker part( 3.75L) at first, then can my banker appreciate my loan for the other part(4.75L) ?
Asked on 10/03/10, 2:42 pm
1 Answer from Attorneys
Vishwa Arya
Arya & Co.
yes your bank may finance both parts per your desire. but you must confirm the dues of the earlier bank and make them agree that they will release the property on payment of such and such amount.
Answered on 10/03/10, 10:03 pm
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