It’s
been a big worry to the buyers and to the seller when then want to
purchase or sell the property which is under a loan. It is a very
simple process which gives you the benefit of selling the property
without closing the home loan which is there on the property.
Banks
have designed a product called “Vendor Liability” which gives you
this benefit of availing the Home loan availing home loan on a
property which has a loan already in the name of the vendor or
seller. In the process of this loan a customer will go for a home
loan as usual like in a normal home loan case. But the documents
submitted to the process vary a bit to this product. Along with the
regular income documents the vendor need to provide his Loan Account
statement, Outstanding Letter and List of documents submitted to the
bank at the time of availing the loan i.e list of property documents.
These documents are to be submitted to the bank at the initial stage
of the home loan processing only.
The
process begins with the verification of Applicants and Co-applicants
Residence, Office, Pay slips and Bank Statements. The property
documents are scrutinized by a panel advocate and the property is
evaluated by a technical valuer who will certify the property cost by
taking the market value into consideration. Post successful
verification of all the documents and Property the disbursement
process is initiated by taking customers signatures on the home loan
agreements. Customers will be given sanction letter from the bank
which gives all the details of loan amount sanctioned, interest rate,
tenure, repayment conditions and EMI details. Customer need to make
all the margin payments to the vendor before initiating the
disbursement process through bank and the same proofs have to be
submitted in original to the bank failing which the process will not
be initiated.
The
disbursement will be done up to 80% of the property cost or Agreement
value or Documented Value or the sanctioned loan whichever is less.
Bank will disburse the outstanding loan amount which is there on the
property on the vendor’s name directly in the name of the bank
which has funded the loan to the vendor. The vendor need to register
the property on the vendee name after closing the loan amount and
post receiving the original documents from the bank and submit the
registered documents in the bank which funded loan to the vendee.
Post submission of the registered documents with the bank remaining
sale consideration or the pending loan amount is released. It has
been a best product to the Vendor’s with a liability to sell the
property without any hassles. As it comes under Home Loan only all
the Tax Exemptions under section 80© of income tax act are
applicable on the Principal and Emi components paid to the bank.
Home Loans in Bangalore |
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