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If the property papers are not complete can the bank reject the loan?
05-Jan-2023 (In Documentation Law)
i m planning to buy a property. the property is in the name of third party who has not been paid. now can i pay the stamp duty for the property. or the person in whose name the property is he has to pay before i can buy the property from him. if the property papers are not complete can the bank reject my loan?
(a) Stamp duty can be paid by either the seller, or the buyer, or both equally; depends on the way you have discussed the purchase transaction;
(b) The bank will secure the property against the loan. If the papers are deficient to the extent that the bank is unsure of securing its interest, it will likely reject the loan.
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Adv. Manish Acharya
Mumbai | 25+ Answers
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