Home   >>    Loan   >>    Home Loan   >>     Overview
Get Home Loan Offers
A maximum of 5 providers will compete to give you the best rates (Dec 2016)
 
 
 
Yes No    
 

Preferred Banks
  •  Any 5
  •  INDIABULLS
  •  ICICI BANK
  •  HDFC
  •  AXIS BANK
  •  KOTAK BANK
  •  DHFL
  •  STAN CHART
  •  HSBC
  •  CITIBANK
  •  RELIANCE
  •  IDBI BANK

 
 
 
 
 
 

I authorize the website and its partner providers like HDFC Ltd, ICICI Bank, DHFL and other banks/NBFCs to call or SMS me in connection with my application & agree to the Privacy Policy and Terms of use

Bank wants the sale agreement; seller wants the money. Help!

Here's what you can do if your bank won't give you the loan and the buyer wont sell.

Apnaloan.com Research Bureau

10 Aug 2007

My bank insists on registration of the sale agreement before making disbursement. However, the house seller refuses to sign the agreement till he receives the money for the house. What should I do?

You can show the seller the sanction letter from the bank and pay your part of the property cost to him immediately. Once this is done, enter into a partly paid agreement with the seller of the flat or house. This agreement mentions the cost of the house and the amount paid to the seller along with the balance amount to be paid.

The agreement sets a time limit for the balance payment (usually 15 to 30 days) to be made and contains a clause that the agreement would be null and void in case of a failure of payment within the stipulated time. This agreement is registered and the disbursement is taken from the Bank directly in the name of the seller after that.

However, some house sellers may refuse to enter into such a partly-paid agreement. In such cases, the bank may agree to send its representative with a pay order for the loan amount to the registrar's office so that the registration and handing over of the payment can be done simultaneously.

However, this is a rather clumsy arrangement. Builders normally have no problems with entering into and registering a partly-paid agreement. This is one more argument for buying your house from a reputed builder. Click here to read more articles on home loans