Home |Property Registration |
Does bank check for legal verification of resale flat before sale agreement between buyer and seller or after the sale agreement?
Does bank check for legal verification of resale flat before sale agreement between buyer and seller or after the sale agreement?
PGN Property, Real Estate & Documentation Consultant with 21+ years of experience
Answered on July 13,2023
Answered on July 13,2023
Most of the banks have their own legal team to check feasibility of loan processing.
Bank need following documents to check the feasibility of loan processing
- Seller's sale deed
- Tax receipt
- Khata
- Seller's PAN
- Buyer income proof (salary slip or income tax returns)
Once the bank verified and confirm the loan possibility, proceed the sale agreement execution
Sale agreement is mandatory for home loan application, the sale agreement should be adjudicated with 0.1% of buying price or guidance value (which is higher)
Related Questions
-
Shyamal Modi
Tax Advocate | Financial Advisor | Virtual CFO . Answered on February 28,2023I have sold house property in Gujrat and the buyer has taken bank loan.Bank has given two cheques one for sale deed value and other for extra work in house. How it will be shown in ITR?
The total amount of both cheques will be considered as your sale consideration.LTCG will be calculated as:Sale consideration - ...
2 0 312 -
Subin VR
Chartered Accountant,FCA, DISA (ICAI) . Answered on February 28,2023I have sold house property in Gujrat and the buyer has taken bank loan.Bank has given two cheques one for sale deed value and other for extra work in house. How it will be shown in ITR?
If you have sold a house property in Gujarat and the buyer has taken a bank loan, and the ...
2 0 256 -
PGN Property
Real Estate & Documentation Consultant with 21+ years of experience . Answered on July 31,2023As a seller, should i provide xerox copy of property documents to seller's bank for application of loan for bank to verify the documents?
Yes, Bank verifies the original documents and demands photocopy or soft copy of the following documentsParent deedsale deedEncumbrance certificate ...
1 0 408 -
PGN Property
Real Estate & Documentation Consultant with 21+ years of experience .When should the payment of a resale flat be done, before or after registration?
Either before or after, but payment mode should be Banker's cheque or DD. Avoid cash and individual cheque. If buyer opts ...
1 0 2171 -
PGN Property
Real Estate & Documentation Consultant with 21+ years of experience .I have lost the original sale deed. Can I obtain a home loan from a bank by submitting Xerox copy of sale deed?
No, Cannot obtain a home loan by submitting a photocopy of sale deed and photocopy of other supporting documents like ...
1 0 7924 -
PGN Property
Real Estate & Documentation Consultant with 21+ years of experience .Who will retain original copies of sale deed in case of multiple buyers and multiple sellers?
Buyer retains the original copy of sale deed In the case of multiple buyers, a primary buyer should be chosen ...
1 0 1379 -
PGN Property
Real Estate & Documentation Consultant with 21+ years of experience . Answered on December 02,2022Seller has bank loan of his building. I am buyer, he is asking me pay upfront 20% so that he can close the loan and get original documents for lawyer verification. What I am thinking as a first step get legal report from the lawyer then make sale agreement 200 e stamp then give cheque of 20 laks. Is this correct?
Yes, your understanding is correct If the original documents are deposited in bank, just the photocopy of documents are sufficient ...
1 0 244 -
Balachandran Kollam
Answered on August 08,2023Once pookuvaruva is done for the property and got a new thandapar number, does the old thandapar number becomes invalid, just like the bank account of a person becomes invalid when the person expires?
The Apex Court itself has pointed out in several judgments that mutation (transfer of registry/ pokkuvaravu) relating to land ...
1 0 27 -
Balachandran Kollam
Answered on August 09,2023What information must the Thandaper receipt have besides taluk, THANDAPAR no., name of individual, survey nos., area extents of division/s, etc.? Must it also have transfer registry information or Thandaper no. of the previous property?
The order number and date of Transfer of Registry and the previous Thandapper number are recorded in the Thandapper ...
1 0 7 -
PGN Property
Real Estate & Documentation Consultant with 21+ years of experience . Answered on July 09,2023How do I register Memorandum of Deposit of Title Deed (MODT) online in Karnataka? Through Kaveri Online Services
MODT stands for Memorandum of Deposit of Title DeedMODT is applicable for all home loan borrowers. It is essentially ...
1 0 1434 -
Balachandran Kollam
Answered on August 19,2023I have adjacent 2 properties, being 5 cents and 25 cents each which are registered under the same thandaper no but are separated by a compound wall. Can I convert the the 5 cent property to purayidam without changing status of the 25 cent land?
Yes. Pls submit application online in Form 6 for 5 cents
1 0 21 -
MISHRA CONSULTANTS
GST Practitioners ,Income Tax Practitioners & Auditor Based Service in Coimbatore, Tamil Nadu . Answered on July 08,2023I am living in a rented house. I want to start my e-commerce business in this property. So i need GST for the same. For GST registration i have rented agreement and electricity bill with me. Do i need Aadhar card and pan card of the landlord also?
No as business you are going to take it ahead the details required is yours, only rent agreement we ...
1 0 88