Wednesday, September 10, 2014

What is Seller Home Loan Balance Transfer, how to do it?



Mr. Naveen has stuck with his home loan process when he came to know that the seller is having a home loan on the property and he is not having the funds to pre close it. As Mr. Naveen many customers don’t know how to resolve this situation and find themselves in a dead end, but banks do have a product for those who buy properties from owners with home loan already on the property and the product is termed as “vendor liability” or “seller home loan balance transfer

The process is same as like a normal home loan where the applicants submits the personal, income and property documents along with additional documents like vendor loan account statement, outstanding letter and List of documents deposited in the bank. The process will be done by verifying the personal and income details of the applicants. The panel advocates verify the legality of the property by scrutinizing the documents and by verifying the details in sub registrar offices.

Once all the verifications are positive banks start the process of disbursing the loan by collecting checks and signatures on home loan agreement. Banks first disburse the outstanding loan amount of the previous bank in which the seller is having a home loan. Banks gives the owner the complete responsibility to bring the original documents back and register the property to the purchaser. Once the property is registered in the name of the purchaser the remaining loan amount will be disbursed to the seller.

The process of Seller home loan balance transfer is same as like a normal home loan balance transfer with one small difference i.e the process gets completed in 15 days where in normal home loan BT gets completed in week days of time. Banks offer same home loan interest rates for seller balance transfer cases as of a normal home loan and these home loans are also covered for Income Tax benefit Under Section 80(c) of Income Tax Act.

26 comments:

  1. It’s very good post for loan equity. There are organizations that will let you access money in the amount of all around as long as you repay it in the guidelines with their repayment framework. Mortgage companies Houston txprovide residential and commercial loan for your need.

    ReplyDelete
  2. is it possible to do seller BT on unregistered property?i want to know if the seller has not yet registered the property then is seller BT be possible on that property

    ReplyDelete
  3. Thank you for sharing such great information. It was very informative and has help me in finding out more detail about Home Loan!

    ReplyDelete
  4. Hey Thanks for sharing this informative blog, it seems very helpful. i was looking for same kind of content about Home Loan Balance Transfer

    ReplyDelete
  5. Thank you for sharing such great information. It is informative, For More Details Visit: Home Loan Process

    ReplyDelete
  6. Read your blog its really informative and keep updating with newer post on housing loan interest

    ReplyDelete
  7. Banks gives the owner the complete responsibility to bring the original documents back and register the property to the purchaser. Once the property is registered in the name of the purchaser the remaining loan amount will be disbursed to the seller. home loan service provider

    ReplyDelete
  8. Home Loan Balance Transfer your outstanding Home Loan availed from another Bank / Financial Institution to HDFC and get an additional Top Up Loan of up to Rs.35 lacs. Attractive interest rates that make your Home Loan affordable and easier on your pocket. Customised repayment options to suit your needs. No hidden charges.

    ReplyDelete
  9. The blog was absolutely fantastic! Lot of great information which can be helpful in some or the other way. Keep updating the blog, looking forward for more contents...Great job, keep it up..Personal Loan In Bangalore | Personal Loan Eligibility

    ReplyDelete
  10. please provide list of banks funding for seller home loan balance transfer. require an NRI home loan with seller home loan balance transfer.

    ReplyDelete
  11. I don't understand home loan balance clearly. I have some doubt with some issue. Can you discuss something with me? church financing

    ReplyDelete
  12. Hi I like Your Blog. Your blog is really informative and helpful for all. Keep updating with newer post on State Bank Home Loan

    ReplyDelete
  13. Vehicle Loan Software have the ability to make use of in assessing a given vehicle loan package. Figuring out the monthly installments a loan taker should consider is among the advantages offered.

    ReplyDelete
  14. Thank you for sharing such great information.It is informative, can you help me in finding out more detail on best home loan,i am interested and would like to know more about the rates.

    ReplyDelete
  15. Thank you so much for sharing. Keep updating your blog. It will very useful to the many usersHome Loan in Bangalore | SBI Home Loan

    ReplyDelete
  16. Thank you so much for sharing. Keep updating your blog. It will very useful to the many usersHome Loan in Bangalore | SBI Home Loan

    ReplyDelete
  17. I am Maria from Texas. I was stuck in a financial situation in May 2016 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Godly woman a private loan lender who gave me a loan of 620,000 EURO and today am a business owner and my kids are doing well at the moment, if you must contact any firm with reference to securing a loan without collateral , no credit check, no co signer with just 3% interest rate and better repayment plans and schedule, please contact jasmin noor Loan Company (jasminnoorloancompany01@gmail.com).

    ReplyDelete
  18. Thanks for taking the time to discuss this, I feel strongly that love and read more on this topic. If possible, such as gain knowledge, would you mind updating your blog with additional information? It is very useful for me.
    singapore compare mortgage loan rates

    ReplyDelete
  19. With havin so much content do you ever run into any issues of plagorism or copyright violation? My blog has a lot of unique content I've either created myself or outsourced but it appears a lot of it is popping it up all over the web without my agreement. Do you know any methods to help reduce content from being stolen? I'd definitely appreciate it.Residential loans

    ReplyDelete
  20. I high appreciate this post. It’s hard to find the good from the bad sometimes, but I think you’ve nailed it! would you mind updating your blog with more information?
    singapore housing loan refinance

    ReplyDelete
  21. Thank you for sharing such great information.
    It is informative, can you help me in finding out more detail on
    nri home loans.

    ReplyDelete
  22. This comment has been removed by the author.

    ReplyDelete
  23. Thanks to sharing information but please tell me..which documents will be needed from seller to BT transfer.

    ReplyDelete
  24. Registered sale agreement, poa in favour of our customer , guarantee letter.

    ReplyDelete