Process Of Selling Mortgaged Property In India



There can be many reasons for one to sell a mortgaged property. Financial insecurity, difficulty in paying back the EMIs etc are some of the reasons for it. Know all about selling mortgaged property in India before making a major decision.

Before planning of selling a mortgaged property, you should find out your current mortgage payoff amount and review your loan paperwork. As the seller of the property, you need to produce the documents such as sale deed, home loan documents, encumbrance certificate, NOC etc. If the property is a jointly owned one, then you need to produce the consent from the co-owners too. One can sell a mortgaged property in many ways. Some of the common ways are


•    Homebuyer pays out of his savings

If the buyer is willing to pay off the outstanding loan amount as down payment, then the bank can release the property document and you can transfer the property to the buyer after getting full payment.

•    Tripartite agreement

The buyer, seller, and the lender enter into a tripartite agreement, wherein the lender considers the loan eligibility of the new home buyer. In this case, the buyer funds the purchase through a loan from the seller’s lender.

•    Buyer takes  a loan from another lender

Here the buyer takes a loan from a different lender to finance the purchase.

More Info: Apartments in Trivandrum


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