Selling of flat

Querist : Anonymous (Querist) 18 July 2024 This query is : Resolved
PRESENTLY I AM IN JAIL FOR LAST 7 YEARS. I HAVE ONE FLAT REGISTERED ALONG WITH MY WIFE. I HAVE TAKEN A LOAN AGAINST THAT FLAT. TILL DATE MY WIFE MANAGED TO PAID THE EMI. BUT UNFORTUNATELY I AM NOT ABLE TO PAY THE FURTHER EMI. I WANT TO SELL THE PROPERTY. WHAT IS THE PROCEDURE FOR SELLING THE FLAT. CAN I PROVIDE THE POWER OF ATTORNEY TO MY WIFE TO SELL THE PROPERTY. BANK IS CHARGING HEAVY AMOUNT OF INTEREST. PLEASE SUGGEST.

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If you're in jail and need to sell a flat that has a mortgage, you'll need to involve the bank. The bank holds the title deeds and won't issue a No Objection Certificate (NOC) until the loan is fully repaid. Your wife can approach the bank to arrange the sale, where the buyer's payment will first go towards clearing the loan. You may need to grant your wife a registered Power of Attorney to handle the sale on your behalf, or explore options for attending the registration process from jail.

T. Kalaiselvan, Advocate (Expert) 18 July 2024
Without obtaining NOC from bank you cannot sell the property.
The bank will not furnish NOC if the outstanding loan is not fully discharged.

SIVARAMAPRASAD KAPPAGANTU (Expert) 18 July 2024
You purchased the property with a Bank loan means, the title deeds are lodged with the Bank as part of the Mortgage transaction. Therefore, the first thing is to approach the bank(through your wife, as you say you are in Jail), explain the matter, and seek their assistance in selling the property. When a prospective buyer agrees to buy the property, The Bank Official shall come to the Registrar's Office with title deeds and the Buyer has to hand over the DD for sale consideration to the Bank Official. The Bank shall credit the DD proceeds to your loan account and refund the excess if any over the liability. Normally, in such cases, the Bank shall cooperate with the Borrower in selling the property, with the condition that the sale consideration is first credited to the loan with them.

Since you cannot attend the registration process, you may approach Jail authorities to permit you to attend the registration on a particular date. If it is not permitted, the only recourse is to give Power of Attorney in favour of your Wife who shall sign all required papers for registering the property in favour of the Buyer. The Power of Attorney too needs to be registered.

kavksatyanarayana (Expert) 18 July 2024
Through your wife request the bank to sell the property by clearing the loan amount with interest and the remaining amount if any from the sale, to credit the same in your account. You can ask the jailor to permit you to register the sale deed with your wife. You can request the Sub Registrar concerned through the Jailor to attend the jail for your execution. As per Registration Rules, you shall submit an application to the SR with the necessary government fees for attendance besides other fees and stamp duty, the Sub Registrar will attend to Jail for your execution.

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