Bengaluru | 03 Jun, 2021 (4 months, 3 weeks ago)

Property Law

Issues in buying mortgaged propery in Bangalore

Hi, I need help in the following scenario if there is any protection to the buyer of the mortgaged property Seller has running home loan with XYZ branch of UBOI Bangalore. The property has been mortgaged with that Bank. The seller wanted to sell the property. But he did not have enough money to clear the existing loan. Buyer applied for the home loan in the same XYZ branch of UBOI Bangalore to buy the property. Lets say on the day of registration after bank clearing the loan and discharging the mortgage on the property with buyer's loan amount, if the seller does NOT turn up for the registration, what kind of protection is available to buyer ? Does Bank have power to register it on the name of Buyer ?
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