Outstanding amount to be paid on home loan taken. Can I sell the property?

Q: I had taken a home loan on a property and still there is some outstanding amount to be paid. Can I sell the property in this case?

Sanjay Gupta, Delhi-NCR

22nd November 2011

Property Selling in Delhi

outstanding amount on home loan

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If the buyer wants to take a loan to purchase the property then it is much easier if he approaches the same bank. Then the lender does not need to release the title papers to another lender before getting the payment.If the buyer wants to make an outright payment- he can make the payment out to the bank directly based on the consent letter. And the balance amount will be paid to you. The property papers will be released only after the bank has recovered the entire amount including prepayment charges.

Gaurav Malik, Noida

22nd November 2011

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Just consult with the lender once. They will write a letter mentioning the amount at which the home loan can be considered fully paid off. This amount is inclusive of prepayment charges as applicable and calculated at a future date to give you enough time to find a buyer. Based on this letter, you can negotiate with potential buyers.

Neha Srivastava, Delhi-NCR

22nd November 2011

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