Selling of flat

Sajjad Anwar (Querist) 07 October 2020 This query is : Resolved
Selling of house floor wise

Dear Sir,
I constructed of house (G+3 floor) on 20 x 30 ft plot area in Bangalore. Each floor has 1 unit. Now I have decided to sale 1floor .
Kindly advise
1) can I sell individual unit floor wise?
2) plot is A khata, I took loan for construction of house, will I required to clear loan before selling units?
3) will this type of selling house is loanable?
4) what all documents will be required by buyer to obtain loan before purchasing these units?

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Quick Summary

This discussion addresses the feasibility of selling individual floors of a multi-storey house as separate units in Bangalore. It confirms that selling floor-wise is permissible, provided the property has an 'A' khata. A crucial point is that any existing construction loan must be cleared before selling units, as the property is mortgaged. Once the loan is settled, selling individual units becomes loanable for buyers, who will typically require documents like the original sale deed, building plan, and loan clearance certificates.

Isaac Gabriel (Expert) 07 October 2020
You can sell the houses giving flat numbers costructed in the site and the lgal opinion about the title for obtaining loans from bank.

kavksatyanarayana (Expert) 07 October 2020
I opine, (1) Yes. (2) Before you sell, you must clear the bank loan otherwise you cannot get your original sale deed which is necessary to give a copy of the same to each buyer. (3) As per reply 2 only, it is loanable. (4) You have to give a copy of the original sale deed, a copy of the plan, linked documents. Consult a local lawyer.

SHIRISH PAWAR, 7738990900 (Expert) 08 October 2020
Hello,

You can sell individual units floor wise. You already have taken a loan on the property so you have to clear the outstanding loan for the said unit otherwise buyer cannot avail loan on the same. The buyer may require the plot purchase papers, plan, building permission, etc.

Rajendra K Goyal (Expert) 08 October 2020
You said:
1) can I sell individual unit floor wise?
Reply:
Yes you can.

You said:
2) plot is A khata, I took loan for construction of house, will I required to clear loan before selling units?
Reply:
Yes, building is mortgaged with the Bank, you can not enter into a valid sale without closing the loan account.

Rajendra K Goyal (Expert) 08 October 2020
You said:
3) will this type of selling house is loanable?
Reply:
Yes, it is loanable.

You said:
4) what all documents will be required by buyer to obtain loan before purchasing these units?
Reply:
Copy of your title, sale deed duly registered, copy of loan clearance etc. .

Dr J C Vashista (Expert) 09 October 2020
There should not be any encumbrance on the property under sale i.e., repay loan and take clearance from financer before finalisation of any sale transaction.

Dr J C Vashista (Expert) 09 October 2020
Q 3 is vague and confusing, reframe the facts and repost.

Dr J C Vashista (Expert) 09 October 2020
Instead of seeking obligation of experts on this platform all commercial queries are required to be referred and solved by engaging a local lawyer.

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