I’m planning to buy a pre-owned apartment for around ₹90 lakhs. The owner wants ₹20 lakhs in cash and the remaining ₹70 lakhs documented legally. I’m a regular salaried person and it’s tricky to manage such a large cash payment. I have the funds in my bank account, but I can’t withdraw such a huge sum at once. I also plan to sell my current flat for ₹65 lakhs. What’s the best way to proceed with this purchase, keeping in mind the cash component? Any advice would be greatly appreciated.

Apni Law
Apni Law
Law Forum › Category: Property › I’m planning to buy a pre-owned apartment for around ₹90 lakhs. The owner wants ₹20 lakhs in cash and the remaining ₹70 lakhs documented legally. I’m a regular salaried person and it’s tricky to manage such a large cash payment. I have the funds in my bank account, but I can’t withdraw such a huge sum at once. I also plan to sell my current flat for ₹65 lakhs. What’s the best way to proceed with this purchase, keeping in mind the cash component? Any advice would be greatly appreciated.
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Apni Law Staff asked 1 year ago

I’m planning to buy a pre-owned apartment for around ₹90 lakhs. The owner wants ₹20 lakhs in cash and the remaining ₹70 lakhs documented legally. I’m a regular salaried person and it’s tricky to manage such a large cash payment. I have the funds in my bank account, but I can’t withdraw such a huge sum at once. I also plan to sell my current flat for ₹65 lakhs. What’s the best way to proceed with this purchase, keeping in mind the cash component? Any advice would be greatly appreciated.

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Best Answer

Apni Law Staff answered 1 year ago

You should strongly advise the seller to accept the entire payment through bank transfer to avoid any legal complications. Consider transferring the ₹65 lakhs from your current flat sale and the remaining ₹5 lakhs from your existing bank account. You can explore options like a home loan to cover the remaining amount if needed, but be wary of cash transactions, as they are against Indian law and may attract scrutiny.

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