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Can i sell my flat against which loan is outstanding, i am paying EMI
09-Aug-2023 (In Property Law)
Can i sell my flat against which loan is outstanding and I am paying EMI. i am currently located in USA and coming to India in October to sell my property and will be there for 35 days .I have 14 L (principal) outstanding loan .what steps do i need to take before and while selling??
Hi
1) First you have to inform your bank that you are intending to sell the property.
2) The banker has to let you know the final payment that is to be made by you in case of foreclosure.
3) The buyer needs to pay the Bank directly the amount mentioned in foreclosure letter.
4) After the receipt of the money, the banker will issue a No Objection certificate for registering the property in favour of the buyer and also handover the original title deeds to the buyer at the time of registration.
5) Please do not take advance monies in your name without consulting your banker.
1) First you have to inform your bank that you are intending to sell the property.
2) The banker has to let you know the final payment that is to be made by you in case of foreclosure.
3) The buyer needs to pay the Bank directly the amount mentioned in foreclosure letter.
4) After the receipt of the money, the banker will issue a No Objection certificate for registering the property in favour of the buyer and also handover the original title deeds to the buyer at the time of registration.
5) Please do not take advance monies in your name without consulting your banker.
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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HI,
first you clear the outstanding loan of that property and obtain NO-OBJECTION certificate from the bank then you will pass the clear title to your purchaser.
you can not sell the flat when there is outstanding debt if you conceal and sell the property you will be in trouble.
first you clear the outstanding loan of that property and obtain NO-OBJECTION certificate from the bank then you will pass the clear title to your purchaser.
you can not sell the flat when there is outstanding debt if you conceal and sell the property you will be in trouble.
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Adv. Sree K Sivakumar
Hyderabad | 100+ Answers
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It depends on what kind of loan the bank provided you. If it is by way of charge/home improvement loan or loan against property document. The terms agreed in the said loan agreement will form the basis of your query. If the property is free from the charge, you can certainly sell it. In case your buyer is ready to purchase with the said charge, you have to disclose the same in the sale deed else your buyer can sue you later.
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