Buying resale property with existing loan

Q: Hello Everybody,

I am planning to buy a flat in Pune @ 45 lac

[B]Current owner[/B] have purchased it from nominees/children of a Passed-away Previous owner.

Current owner has got 20 lac worth loan from a Pvt/Co-Op bank.
On that bank's website interest rate is shown as 14-15%

He is asking for a token money from us to clear this loan.
Then bank will transfer the flat on my name.

What points do I need to keep in mind while doing this property purchase?
(A) Shall we take-over his existing loan?

(B)or Ask him to settle it first?
Is it correct for him to ask for money first for settling the loan?
How it works in these kind of situations

(C) Will I be able to avail loan from another bank.

What points do I need to worry on?
What cautions do I need to follow?

Please advise.

Many Thanks