LawRato

I want to purchase a 2BHK flat from the owner in EMI


20-Oct-2023 (In Property Law)
Hello, There is a 2BHK Flat which i want to purchase from the owner directly in EMI on interest per annum which will continue for 7 years. I want to know how is that possible legally? And whether i will have to wait 7 years to make the full payment to get the flat registered in my name? Or there is some way where i can get the flat registered in my name based on legal agreement and then keep that house as mortgage with the present owner while i keep paying him the EMI? What are the options available to me legally that i do not need to wait 7 years to get the flat registered in my name and still continue to pay the EMI? What are the documents i should ask from the owner before going ahead with the purchase?
Answers (3)

Answer #1
991 votes
No don't keep your registered papers with the owner it's better you take some amount of loan by the bank and keep the registered papers with it and then buy the flat from the owner as your EMI will be completed then the bank will return your papers which will safe and secure for you..
Helpful? LawRato LawRato
Advocate Priyanka Singh

Adv. Priyanka Singh

LawRato Kolkata | 1000+ Answers
Chat with Advocate Priyanka Singh Chat 
Answer #2
901 votes
It is necessary to know whether the Owner is ready to give you seven years time to complete such purchase or not. If you wish to take my Legal opinion professionally upon online payment then can contact. please take note that until and unless the terms and conditions of such sale be known, proper legal remedy cannot be suggested because seven years is a prolonged period of time so until and unless proper legal safeguards are taken in your part through proper documentation, there will be likelihood of forfeit of your paid sum.
Helpful? LawRato LawRato
Advocate Sinjari Bandyopadhyaya Banerjee

Adv. Sinjari Bandyopadhyaya Banerjee

LawRatoKolkata | 700+ Answers
Chat with Advocate Sinjari Bandyopadhyaya Banerjee Chat 
Answer #3
900 votes
Documents check list for purchasing a property: 1) Tittle clearance certificate from the seller 2) Latest tax paid receipt 3) Copy of building plan 4) Land registation certificate without detail discussion and document review proper consult is not possible.
Helpful? LawRato LawRato
Advocate Dhrubaraj Bhowmik

Adv. Dhrubaraj Bhowmik

LawRatoKolkata | 200+ Answers
Chat with Advocate Dhrubaraj Bhowmik Chat 

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Connect with top Property lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato