Ria Sen
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Home loan on existing flat
Q: I am interested in buying a house which already has an outstanding loan of around 19 lakhs by the existing owner. Now if I want to buy this house and apply for loan how should I proceed? Will the existing home loan have to be covered by me?

My comments to replies
Ask the homeowner to get a letter from the bank stating the total due amount. You can directly give the check to the bank for the due amount. In case you are also applying for a loan, you can show the letter to your bank or home loan company and ask them to make the payment to the present owner’s bank directly. The process will be much simpler if you are taking the loan from the same bank as the loan taken by the present owner.
Yes I will also need to apply for a loan, so will I have to apply for two loans? One to repay his original loan and the second on the balance amount?
10th July 2012

Please check that the property has got all the relevant approvals by relevant authorities and the reason why the present owner want to sell his property.
What all approvals should I check for? He is leaving the country ad so interested in selling
10th July 2012

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