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.

12 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.

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  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

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

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  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

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

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

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  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

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  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.

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

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

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