Help-Banking/Real Estate Professionals- Buying a property with an existing mortgage!

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Help-Banking/Real Estate Professionals- Buying a property with an existing mortgage!

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Help-Banking/Real Estate Professionals- Buying a property with an existing mortgage!

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04-07-2008, 11:44 AM

StudioBuyer StudioBuyer is offline

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Join Date: Dec 2007

Posts: 8

Help-Banking/Real Estate Professionals- Buying a property with an existing mortgage!

Hi ,

I have a Loan pre-approval from my bank and am thinking of Buying an Emaar property(Its Not Ready) , where the seller also has an existing mortgage from a different bank.

Is there any real estate or banking professional out there who can explain the process of Interbank settlement/transfer of Mortgage OR anyone who has purchased a property in a similar way, and can share the process, time durations etc? I would like to know realistically how long does the whole process take until transfer.

There is very little information on the FAQS on the Bank websites...and my bank does not want to commit on the time the whole process would take. So thought of collecting some information on my own.

Thanks in advance..

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