Measures taken by Nanda to settle the loan

He made a down payment of 12 lakh which was used by the seller to repay the outstanding loan amount and got the original documents from the bank. Nanda had a preapproved loan which he received in 10 days to pay the remaining amount, immediately after getting the property registered in his name.

Nanda says that he got a good deal as the seller was in hurry to repay his loan. The reasons for buying and selling a mortgaged property may vary but what most of the people find difficult is how to buy and sell a property that is mortgaged to the bank. There are many questions related to that issue like can we actually sell a mortgaged property or do we need to settle the home loan first and then approach the buyer etc.

Khan is planning to sell his 2 BHK house at Goregaon which holds an outstanding loan of 19 lakh.