Advise on buying mortgaged land

Hi. I am considering to buy a 2500 residential plot (42 lakhs) in a gated society in Pune, Handewadi. I got to know that the land is mortgaged with a private bank owing over 7 crores. The seller is providing me NOC from bank that allows him to sell a piece of land (plot). 7/12 will be made on my name after sale deed. Kindly advise how can i proceed with the transaction when the original sale deed and documents are with the bank. I am not sure about this process. Please advise. Raina

Answers (1)

111 votes

If the bank provide NOC that they have no objection to the sale of the said land you can proceed ahead and with emutation procedure now in place in registration office your mutation entry are automatically generated through system and accordingly your name is mutated in 7/12 extract

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