Procedure for sale of flat

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2016 Hello
I want to sell my flat located at Pune. I have taken a loan from HDFC. Now the outstanding amount is Rs.15,00,000. What is detailed procedure for the same?
The buyer of the flat is also taking a loan from HDFC. I wants to know the process like when agreement to sale is to be done? TDS amount and procedure like who will deduct and deposit?

SANTOSH SAGAR K

SANTOSH SAGAR K (Expert)

15 May 2016 TDS has to be deposited by the buyer of flat paying consideration if the total payment exceeds the specified limits.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

20 October 2021 Let the bank sanction loan to buyer. Once loan is sanction, contact bank for the settlement of your loan with the buyer's loan and excess to be paid back to your acct. Now register the document and hand over the same to bank, also buyer needs to pay the TDS amount 1%, if the value of the property be 50 lakhs. or more.; which is deductible from agreed amount of sale.

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