Can I sell property with outstanding home loan? Know the rules here

Are you also planning to sell your old flat and buy a new one or are you getting a new flat built? Is there still a home loan left on your old flat? Do you know whether you can sell a house with a home loan or not? What things need to be kept in mind while selling a flat with a home loan

Home Loan: Most people in India take home loans to buy a house. People in the country can easily buy property through this. Home loan can be taken to build a plot, flat or house. The biggest advantage of a home loan is that you do not have to pay the entire amount at once, but the payment is made to the bank gradually through monthly installments (EMI). Now are you also planning to sell your old flat and buy a new one or are you getting a new flat built? Is there still a home loan left on your old flat? Do you know whether you can sell a house with a home loan or not? What things need to be kept in mind while selling a flat with a home loan.

Can property be sold with outstanding home loan?

Yes, you can sell your property even if you have a home loan outstanding on it. For this, you first need to get consent from your bank or lender. If the buyer is taking a loan from the same bank to buy a new house, the process becomes much easier. The bank does not need to transfer the documents to any other bank or lender. If the buyer wants to pay in cash, he can pay the money directly to the bank. Until the bank receives its full dues, they do not issue property documents.

Keep these things in mind before buying or selling a house

• Check outstanding loan: First check your outstanding amount and see if you have enough money to repay it. If you are having difficulty in repaying the full amount, you can talk to your bank.
• No Objection Certificate (NOC): You need to get an NOC from the bank, which confirms that the bank has no objection to selling the property.
• Keep documents ready: Keep all the necessary documents like sale contract, property documents and NOC ready.
• Take expert advice: The process of selling property with a home loan can be complicated, so it is beneficial to take advice from a real estate expert. Overall, it is possible to sell property with an outstanding home loan, but it requires the right process and documentation.

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