What is seller BT case?

It is termed as Seller BT (Balance Transfer) transaction. In such cases wherein seller is servicing a loan on the property which he is willing to sell and that loan needs to be taken over from buyers bank. The buyers bank needs to be ensured about the intent of the seller.

Is sale agreement mandatory for home loan?

Yes. Sale deed is necessary for home loan approval because it is the final document which confirms your ownership over a property.

What is seller BT home loan?

‘Balance Transfer’ of home loan is an alternative that most home loan applicants choose to benefit from the low interest rates prevalent in the market. The buyer of the same property, at the same time, wants to take the home loan from your lender. This is what is known as ‘internal balance transfer’ of home loans.

How do you sell a house under a loan?

Before you proceed to sell your property that has an outstanding loan on it, you must seek a No Objection Certificate (NOC) from the lender on the selling agreement. Your lending bank must be notified of your intent to sell the property or the initiation of the process.

How do I transfer my mortgage to a seller?

However, there is a proper process involved in transferring home loan from seller to the buyer. The seller has to produce a letter depicting foreclosure of home loan to the buyer. If the transfer happens in the bank internally, then the buyer has to fill a new home loan application form and pay the applicable charges.

How long does it take to get money after loan is approved?

If you get approved for a personal loan through a bank or credit union, you can expect to receive your loan money within one to five days—though some are faster than others.

How long does it take for loan disbursement?

College financial aid disbursement typically takes place sometime between 10 days before and 30 days after classes start.

What is the difference between sale deed and agreement of sale?

What is the difference between agreement for sale and sale deed? An agreement for sale is a promise in future, that the property will be transferred to the rightful owner while sale deed is the actual transfer of property ownership to the buyer.

Can I transfer my home loan to other person?

Yes, home loan can be transferred from one person to another only if the owner of the property decides to sell the property to a new buyer.