Legal Question in Banking Law in India

Buying a flat, built on a land, bought on SARFAESI ACT

I want to know wether I can buy a flat. That flat is built on a land which was taken in auction done by IOB Bank. Few banks does not give home loan like HDFC , ICICI and LIC also. I heard that only Nationailised bank and HSBC offers loan to buy this kind of Flat. Please explain in detail. Is it good to buy this flat ?


Asked on 10/25/07, 6:50 am

2 Answers from Attorneys
Vijay Chandavale Advocate Vijay Chandavale & Associates

Re: Buying a flat, built on a land, bought on SARFAESI ACT

I think it is erroneus view that certain banks are named do not give loans. In fact to purchase a flat under SARFAESI ACT is required to be completed within 15 days & therefore said banks have must have stated so. The Sale proclamation mentiones everything as to nature of title of such property and encumbrances if any . Therefore you can get a a good title from bank whois secured creditor

Read more
Answered on 10/27/07, 1:34 pm
G. M. Gupta gmguptaandassociates

Re: Buying a flat, built on a land, bought on SARFAESI ACT

i dont feel there is any such problem

Read more
Answered on 11/05/07, 3:19 am


Related Questions & Answers

More Banking Law questions and answers in India