Whenever you buy a new house and you want to take a loan on that house from any bank If yes, first of all your bank will ask for the housing loan banking history of your old owner like - list of documents, NOC, outstanding balance and so on.
So whenever you are buying a new property for resale, you should not forget to take the details of the housing bank loan from your seller.
This is important information for the new buyer to know, as they will be responsible for making the remaining payments on the loan. The financial institution requires a letter of guarantee from the new buyer or a letter of undertaking from the seller. This document is basically a statement from the current owner of the home that there is no encroachment on the property. There is no outstanding loan or debt.
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