want to sell a land

Q: can we get a loan on open plot with clear title and if later we want to sell the land.then can we transfer the loan to the buyer...plz guide

Deepak Kamati,

28th February 2019

Property Selling in Vadgaon, Belgaum

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Yes, you get land loan only for A-katha. Check with your nearby banks. They will clear all your points.

Sreya Khan, Bangalore

28th February 2019

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Yes, you will get the land loan for constructing a house in your plot. But you can not transfer the property in the name of buyer until loan amount settle in full. You can only transfer the loan EMI to the buyer after getting NOC from the bank.

Anusua Pillai, Bangalore

28th February 2019

Comment

Yes, you can avail land loan instead of Home loan. These loans are availed by individuals who want to build a house as per their choice. The application process and the loan approval process for the home construction loans are different from the regular home loans. The land on which the construction is to be done must be bought within one year for the price of this land to be considered as a component of market value calculation of the house. The loan amount might not be disbursed at one go. The lender might choose to disburse the home loan partially according to the progress in construction of the house.

Your bank will take the land papers and on behalf of that, they will consider your loan amount, So, if you want to sell that land, you will have to take NOC from the bank. You can not go for registration if want to sell that property in absence of land records paper.

Manjula Rao, Bangalore

28th February 2019

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