Details for Selling a Flat in the Apartment
Prashanth Uppalapati
(Querist) 09 June 2011
This query is : Resolved
I am new this site. I have purchased a Flat in Hyderabad with a loan from Axis Bank. Currently I am paying the monthly EMI. Wanted to know the detailed process, if I want to sell the property. Please let me know the documents I need and all the things I need to take into account before selling the Flat.
A V Vishal
(Expert) 09 June 2011
If you wish to sell the property held by you which is financed by a bank, then you have two options. 1. Either sell the property outright after the prospective vendee pays the consideration towards the loan closure and the balance to you as per some agreement or 2. If the vendee is eligible then you may transfer both the asset and liability with the prior approval of the bank.
PALNITKAR V.V.
(Expert) 09 June 2011
The first option suggested by Shri. Vishal is advisable because it closes the Bank Loan chapter for ever. To get the loan transferred is cumbersome procedure.But if the purchaser is willing to go for it, then its ok.
Prashanth Uppalapati
(Querist) 10 June 2011
Thank you Vishal and Palnitkar for your quick response. Could you also tell me the list of documents, I need to provide to the Seller while selling the Flat?
a.manoharan
(Expert) 11 June 2011
I also do agree with Mr. vishal and palnitkar.
prabhakar singh
(Expert) 11 June 2011
M/s A V Vishal & Palnitkar v v have given very practical,useful and correct advises.
A V Vishal
(Expert) 13 June 2011
1. COPY OF THE SALE DEED ALONG WITH THE LINK DOCUMENTS
OTHER THAN IT, THERE IS NO OTHER DOCUMENT TO BE GIVEN TO THE PURCHASER, HOWEVER, IF HE WANTS TO TAKE OVER THE LOAN ALSO, THEN HE NEEDS TO VISIT YOUR BANK AND GIVE HIS DETAILS TO THE BANKER TO CHECK HIS ELIGIBILITY FOR LOAN. FURTHER TO MAKE HIM MORE COMFORTABLE YOU CAN ASK HIM TO ACCOMPANY TO YOUR BANKER WHO HAS LENT YOU TO GET FIRST HAND INFORMATION AND COMPLETE DETAILS.
