Posted by Ar
...Would it be possible for me to find buyers would be willing to buy the car; allow me to settle the loan with the money and thereafter complete any pending transfer formalities.
Sorry I missed this thread. It’s quite old now but, as it involves a type of procedure to be followed, I put forth my views for academic purpose…
What Deepam has said is true but the concern here, as I understand, is to get a buyer who could be accommodative enough to pay you the money first to repay the loan & then get the transfer formalities done.
This isn’t uncommon. In such situations, a buyer & a seller normally go to the bank together & speak to the Bank Official. The buyer pays the amount of loan on behalf of the seller, and obtains the NOC & a receipt from the seller of having received the money for sale of the car.
Thereafter, the NOC is attached with the TTO form duly signed by the seller & submitted to the RTO. The procedure for canceling the bank lien/hypothecation & transferring the car in the name of the buyer is done thereafter. |
