Regarding buying a house which is on NPA
Hi,
I need suggestions in buying a independent house which is NPA by a bank and now bank has taken the possession. The property owner has not paid emi for nearly 1.5 years ..bank has issued notice n now they have taken possession. The owner has now brought a stay thru court seeking for one time settlement and he has approached me to buy the property. As part of that his lawyer wants me to make a DD of nominal amnt of arnd 20 lacs and present in front of judge ..so that he can explain judge that I am the prospective buyer and ready to pay 20lacs immediately n buy 2 months time to pay the rest once my home loan is processed. With that nominal amt he wants to request court to instruct bank to release the possession to the owner ..so that owner will b able to proceed with sale deed with me. Can you please help me to understand if the above is the right process n can I proceed to pay 20lacs and make a sale agreement. Will the NPA be removed by bank with that nominal amount. Also, if in case NPA is not removed ..can I avail the house loan from other bank n make a sale deed with owner n taken possession by clearing whole amt of bank.
Please help me ..this is urgent.
Thanks
Chandu