Selling a self owned portion of building.
I have a one storey Building (Ground + 1st floor) in Bangalore which is 4 years old on 30/40 site dimension. I have a bank loan on whole building to the tune of 35 lacs. As iam facing hardship to pay EMI , I am planning to sell the One portion of the house (Ground Floor) & retain 1 st floor. Ground floor has two bedrooms with hall, kitchen & bathrooms & separate entrance. Please let me know legal formalities in Bangalore to sell only one portion of the house.
You need to execute an agreement to sell with the prospective purchaser and then cause the sale deed to be registered in his favor. Further, as your property is mortgaged you need to get consent from the bank to get the portion of the property sold. You have involved the bank in the transaction so that bank should release half of its charge over the property and re-fix the EMI amount after you pay lump-sum amount.
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