If one needs to sell off a property still under loan ( which means that the documents of the property still with the Bank ) then what is the procedure to be followed ?

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  • You will need to first call the bank and ask them for a letter/mail stating the amount for preclosing the loan (with penalty, if applicable). You can tell them you have surplus, incase they charge something extra for selling off the property.
    Then you take an advance cheque from the buyer (assuming you are not sitting on cash yourself). This will either be on mutual trust or some 'Kacha' receipt that can be done by the agent. You then repay the loan, collect the papers and proceed with the agreement.