Legal Question in Real Estate Law in India

I have brought a property which is under construction. Currently I am paying full EMI for the loan amount of 45L (from SBI), though only 20L has been taken by the builder (as per the construction stage) I am planning to sell the property and want help in knowing the following - (a). If a buyer is interested and wants to avail loan from SBI itself, can I transfer the outstanding ? (b). Would I have to wait for the complete 45L to be disbursed and then apply for closure and request for original agreement? Or can I close the loan even before complete loan disbursal? (c). Are there any penalties that I would be subjected to?

Asked on 11/26/12, 1:30 am

3 Answers from Attorneys

Sanjay Kalra Sanjay Kalra & Associates

0 users found helpful

0 attorneys agreed

The answers to your questions are here in below for your perusal :-

1) YES

2) NO ,the new buyer would step into your shoe.

3) NO

4) YES

5) Not anymore as the RBI has waived off penalty against property loan. I would still suggest you to find out more about the penalty from the bank itself.

Please check Sanjay Kalra and Associates on the internet to know more about our law firm and the legal services we are rendering for our clients from all over the World.

Answered on 11/26/12, 1:53 am

Mark as helpful