Housing Loan Query

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Beacon
manoj507
Hello,
I am planning to buy a old house. I plan to take house loan for that. I don't have money to give it seller since he would write that house on my name only after giving full amount.Does the bank give loan amount to me before getting that house registered on my name or Do I have get money from some where and pay, later apply for house loan that's registered on my name? Can someone also explain the procedure of getting loan in this case and also best bank at lower interest rates?

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Tech Guru Tech Guru
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You take loan

Bank pays to seller

Registration/name transfer happens

Bank takes the papers

You pay installments to bank

Once fully paid, you take papers back from bank

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Tech Guru Tech Guru
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You take loan

Bank pays to seller

Registration/name transfer happens

Bank takes the papers

You pay installments to bank

Once fully paid, you take papers back from bank

Benevolent Benevolent
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housing loan is availab;e for old constructed houses also?
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Deal Subedar Deal Subedar
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I have not seen cases where bank pays the full amount.

Loan amount is generally max 80-90% of the value of the property you are purchasing, so you will need to manage around 10% of the property outside the loan.

Deal Cadet Deal Cadet
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does seller has loan on this house??
Beacon Beacon
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No, They haven't taken any loan in that house

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Generous Generous
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after registration.. you have to submit original docs to bank.. and required to document of seller's id pr bank account....  than they credit money to seller.

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