Anand (Engineer) 13 March 2011

SBI housing loan pre-payment

I have taken the SBI housing loan (15 lakhs) for purchse of land on condition that construction will be started in 2 years and complete by 3 years.Now due to my personal reasons I want to sell the property and repay the entire loan amount to the bank.I have taken 5 months back the loan.My questions are 1.Is it possible to sell the property when the originals are with the bank. 2.any time limit that I need to wait before going for selling this property? 3.Any pre-closer charges wil be there from bank? (I am going to use the money coming from selling the property as source of income)

Thanks

Reply Follow

2 Replies

(Guest)

Dear anand

1. You may sell the Property after permission of Bank.

never sell property without inform to bank.

You have option to sell the property more than loan amount, Kept upper amount himself and loan will transfer to another person who will buy your property.

2. You may return the entire amount in lum-sump but bank will charge complete lone period interest. But in case of lum-sump bank will relief you.

Tarun Dhingra (Advocate) 15 March 2011

1-->Is it possible to sell the property when the originals are with the bank.

A--->U CAN NOT SELL THE PROPERTY BECAUSE BANK HAS LIEN ON THE PROPERTY( ACCORDING TO MY KNOWLEDGE)

2.any time limit that I need to wait before going for selling this property?

A--->SEE YOUR LOAN AGREEMENT....

3.Any pre-closer charges wil be there from bank? (I am going to use the money coming from selling the property as source of income)

A--->YES BANK MAY IMPOSE SUCH KIND OF CHARGES . THIS KIND OF CHARGES ARE KNOWN AS PRE-PAYMENT CHARGES .SEE YOUR LOAN AGREEMENT AT WHAT RATE OF INTERST WILL BE APPLIED IN CASE OF PREPAYMENT.