Procedure for selling property with outstanding loan
Tania
(Querist) 06 April 2018
This query is : Resolved
I need to know what all documents/ agreements to be prepared for selling my flat which is under loan from bank to a buyer.
Can anybody help?
Guest
(Expert) 07 April 2018
Can't be sold without repayment of loan dues, including interest, or without due permission of the lending bank.
Guest
(Expert) 07 April 2018
Take permission from the lending bank or take help of some local property dealer for adopting due process for selling your flat.
Tania
(Querist) 07 April 2018
Thank you Mr Dhingra. I was told by Property dealer that the process isnt that complicated. I need to have the copy of sale deed etc and the Buyer can now approach his bank for necessary transfer of outstanding amount.
Guest
(Expert) 07 April 2018
The property dealer has rightly advised you,. Of course, the prospective buyer can apply to swap the loan in his own name for buying the property and start paying EMIs as per the fresh schedule of payment to be provided by the bank. The bank may not require to make any fresh exercise of deep verification as for fresh loan, except the paying capacity and the credit rating of the buyer.
Adv. Yogen Kakade
(Expert) 07 April 2018
Yes, the procedure is not so complicated.., you can meet his banker to get more information about the procedure to execute the conveyance.
Dr J C Vashista
(Expert) 08 April 2018
Before executing sale deed you are required to repay the loan amount and take original documents of the property back from lender (Bank) for handing them over to the vendee, without any charge, encumbrance, claim or interest.
Ask the buyer to pay the amount to banker and adjust the same in balance consideration, if you are unable to liquidate.
Ms.Usha Kapoor
(Expert) 22 June 2018
i AGREE WITH YOGEN KAKADEAND VASHISTA.
