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.
Heather
Homes, the top builders in Trivandrum presents a choice of luxury flats in Trivandrum across prime locations in the city. Heather Grandoise, apartments in Trivandrum by Heather Homes at Kumarapuram is a choicest premium residential
project in the city.
To
Know More Heather Homes
Read More
No comments:
Post a Comment