I know it might sound impossible for people to sell their house with a mortgage but it's pretty easy actually. A friend of mine did that last year because he was in an awful financial crunch. As I wasn’t aware of the process, I asked him how to sell loan property? Here is what he told me.
What is the Process of Selling a House with a Mortgage?
He told me that selling flat with home loan is very easy and that to sell my property without clearing the outstanding loan, I will have three options. Here are those.
Buyer Decides To Pay For The Property:
He told me that this process is simple and I need to obtain an outstanding loan certificate from my bank. He also said I need to make a down payment, which is equal to the outstanding amount. The bank will then hand over the original documents to me, and I can start the transfer process to the buyer's name.
Buyer Takes Loan From The Seller’s Bank:
He mentioned that if the buyer decides to take a loan from my bank, the bank will expedite the process. According to him, this happens because the bank already has all the details of the property. After the approval, a Tripartite Agreement will take place between the bank, the buyer, and me. This agreement provides a part of the loan to pay off my existing loan, and the rest of it will be given to me as payment.
Buyer Takes Loan From Another Bank
He said that if the buyer wants to take a loan from another bank, I will have to ask my bank to give me an outstanding loan certificate. Once the new bank is satisfied, it will issue the outstanding loan amount to my bank and clear the loan. Following this, my bank will release all the property-related documents to the seller's bank. My friend also mentioned that he posted his property on NoBrokers Post Property and suggested me to do the same. I hope this information about how to sell loan property has been of help to you. Avail NoBroker’s Seller Plans To Get Buyers QuicklyRead MoreWhat Happens To Home Loan When You Sell House?
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How To Sell Loan Property?
Avik
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March 4, 2024
2024-03-04T22:07:56+00:00 2024-03-04T22:08:00+00:00Comment
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Resale Property
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