SubbuKannan123

Hi Guys,
I bought a house in India 3 years ago and I'm considering selling it now. I put 10% down and the rest was through bank loan. If I sell the house now, how much can be repatriated? Can I repatriate only the 10% I put down or can I repatriate the entire cost price of the house(From what I gathered I can't repatriate the profit). If you have gone through this process, can you shed some light on this?
Thanks
Subbu

vinodmishra

hi,
well if u have to sell the flat and a loan is outstanding on the said flat, u can tranfer the loan, with approval from bank, to the intending purchasers account.
for doing this banks charge a fees, which may be 2 to 4 % of the oustanding amount.
but onething is sure that u wont have to part with the profits that u will gain from the sale of property, banks cant claim share of profit other than what is theirs like the outstaning loan amount, intrest calculated and with some legal fees.
hope this helps u.
Vinod