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Housing loan is indeed a boon for us, as it allows affording our desired property very early in life. But, in some ways, it ties up our hands too. As an example, selling a house, with an outstanding home loan attached to it, is quite a troublesome task. Because of the existence of a financial institution as a third party, sellers find it complicated at times, to execute the process of sale and transfer.
Here we will discuss various approaches that may be considered by sellers of properties with running loan.
If you are a seller of such a property with an outstanding home loan, all the original documents related to your property will be at the disposal of the lender. You need to make sure that you have copies of enough papers submitted with the lender, in your possession, so that your ownership may be proven to the potential buyers. These documents may include copies of loan-related documents, sale deed, property tax receipts, electricity bills etc.
Also, the bank should be informed of the fact that you would like to initiate the sale of the concerned property. You should receive a letter from the bank, with details of your outstanding liabilities. This will also add to the list of your documents of ownership of the property.
Three scenarios may exist now.
Now that you have come to know about how to sell your property with a running loan, leave your worries behind and just go for it. Hope you get a nice deal!
Don't worry, your details will be with us only