Dear Team,
Need your suggestions,
I am planning to buy a preowned car -
1. The owner has bought in on loan from HDFC
2. Even I dont have full cash, I also have to apply for a loan.
3. Someone told me that I can take a loan from HDFC bank itself so that they can close the previous loan and issue me a fresh loan internally.
4. What precautions should i take while dealing with the owner ?
5. When i complete my loan tenure will the bank give me the original documents with hypothecation and i have to personally go and remove it or the bank does the job ?
If one buys a used car which is currently under hypothecation, can the smartcard be directly transferred to new owner's name with hypothecation removed, with NOC from bank submitted with the application?
Please help as I have to close this deal in 2 days if agreed.