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Bank refusing home loan even though property is legally cleared
10-May-2023 (In Property Law)
I had seen a flat which i had intended to purchase.
Both my CIBIL score & loan eligibility is very high as I already have presanction loan letter of 30 lakhs.
Also the property papers are legally clear, as the building has full Occupation certificates & many existing flat owners in same building have taken loans from all major banks.
But there are 2 reasons for for which my bank has rejected to offer me a loan.
1st reason is that this flat is currently under mortgage (Home loan by existing owner) with DHFL bank.
2nd reason is that since the flat was registered with owner & co-owner as the first name of Wife & second name of Husband. Now the husband has died (7 years back) & the wife is facing financial issues for which she is selling the flat. She has also transferred all the shares of her deceased husband under her name. Also there is no Legal heir who can claim of the flat.
Please advice
hello, my answer for reason no 1 is that, if already the flat under agreement is under mortgage then wigh the consent of 1st bank by obtaininv their NOC you can get registered the flat on your name and you can get loan over the same properth by followinv same procedure.
so far as the 2nd issue is concerned wife is the one and only legal hair of deceased husband. by sanctioning Mutation enterh of flat on her own favour she will getvthe legal right to sale the same property
Helpful?
Adv. Deepak Balwant Naik
Jalna | 25+ Answers
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You have not specified the amount of loan pending of DHFL but if your initial payment to seller at the time of registration of agreement for sale can be paid by seller or you directly to DHFL and No due letter may be taken from DHFL and the other problem can be solved by taking heirship certificate from court by seller.
Helpful?
Adv. Mukesh Vasant Shinde
Thane | 400+ Answers
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Well, you should not worry, as this flat can be transferred to you. I will legally advice you as regards what needs to be done legally to prompt Bank to allot you loan on this flat. I will talk with Bank Officials too.
Helpful?
Adv. Pankaj Bajaj
Mumbai | 1000+ Answers
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