Selling A Property With An Outstanding Loan

Browse Experts

Selling A Property With An Outstanding Loan

There could be many reasons for buying a property- be it for self-use or investment purposes, they are beneficial anyways. Since it is a major financial investment, people tend to take home loans to finance the property. However, there comes a time while one needs to sell the property due to various reasons such as any financial constraints or buying a bigger house bigger in a better location, etc. Whatsoever the reason is, selling a house or property is an inundating task in general and if you have a home loan outstanding, it is even more restrictive.

So, is it possible to sell a property whilst there is an outstanding home loan? Read through to understand the course of action involved here.

It is advisable to sell a property or house that has an outstanding loan amount only when you face a financial emergency or due to other pressing reasons that need to be addressed soon. Obtaining a No Objection Certificate (NOC) or a prior consent from the lender is, however, stipulated in the sale transaction. In this case, a part of the sale consideration has to be paid to the lending bank and the remaining to the new owner. Following this, the lender will provide the original title deed of the property/house, which was deposited with the bank during loan disbursement, to the present owner. The release of sale deed and sale consideration discharge will happen simultaneously.

Generally, a person buys the mortgaged property under the following conditions and circumstances:

  • If he/she gets a better deal in terms of price
  • Location importance or
  • He/she has got an opportunity to buy a fully-furnished at less or no extra cost

Document Checklists

The buyer will check the original documents of the property such as title deed, encumbrance certificate, property tax receipts, the mutation record and other litigation searches on it to verify if it’s favorable to him/her. There are also a few things for the seller to check before selling the mortgaged property. Check the documents that verify the buyer’s capability to transact the property and financial background to know about the source of funding he/she uses to purchase the property.

A person can sell a mortgaged property in two instances: one, when he receives consideration from the next buyer and the pays off the due to bank. Completed the sale with the buyer after obtaining the original property documents from the bank. Second, when he is able to transfer the pending loan to the buyer after receiving the already paid amount as per the deal. The bank, however, has the responsibility of doing its due diligence before approving the transfer of property. The bank will also check the financial background of the new buyer and do the complete checkup before approving it.

Tax Liability

It is essential to calculate the tax liability before selling a property besides other property specifications. The legal experts suggest that the tax liability for selling properties will yield shorter or longer capital gains tax as per the Income Tax Act 1961. However, if the seller is able to utilize the capital gains for purchasing another property in two users or construct a house in three years, he can mitigate the tax impact. There are also various other factors you should pay attention to while selling a mortgaged property.

Sign up with Calltry if you are looking forward to buying or selling the residential property of the desired price and location.

 

102 Comments


  1. Sergio

    I’m gone to inform my little brother, that he should also visit this weblog
    on regular basis to obtain updated from hottest gossip.

    Feel free to visit my site and web hosting

    Reply
  2. Evelyn

    My family all the time say that I am killing my time here at net, however I know I am getting knowledge all the time by reading such nice content.

    my homepage … and web hosting

    Reply
  3. Judi

    Wow, this post is nice, my sister is analyzing these kinds of things, therefore
    I am going to inform her.

    my web page :: quest bars the, http://bitly.com/3sYk1u8,

    Reply
  4. Delores

    I quest bars was (t.co) extremely pleased to discover this web
    site. I want to to thank you for ones time for this particularly fantastic read!!
    I definitely enjoyed every bit of it and I have you saved as a favorite to look at new things in your website.

    Reply
  5. Xavier

    I do accept as true with all of the concepts you have presented on your post.
    They are really convincing and can certainly work.
    Still, the posts are too quick for quest bars (http://t.co/BnmehOIl8g) starters.
    Could you please lengthen them a little from next time? Thank you for the post.

    Reply
  6. Laurene

    My coder is trying to convince me to move to .net from PHP.

    I have always disliked the idea because of the expenses. But he’s tryiong none the less.
    I’ve been using Movable-type on a variety of websites
    for about a year and am concerned about switching to another platform.
    I have heard great things about blogengine.net.
    Is there a way I can import all my wordpress content into it?
    Any help would be greatly appreciated!

    Here is my page scoliosis surgery off

    Reply
  7. Betty

    We are a bunch of volunteers and opening a new scheme in our community.
    Your web site provided us with useful information to work on. You have
    done an impressive process and our whole neighborhood will likely be thankful to you.

    My web site :: the asmr; bitly.com,

    Reply
  8. Dana

    I am actually thankful to the asmr [tinyurl.com] owner of this web page who has shared this enormous piece of writing at here.

    Reply
  9. Frieda

    Hi there, after reading this amazing article i am too cheerful
    to share my familiarity here with mates.

    My web-site; scoliosis surgery in

    Reply
  10. Christine

    I loved as much as you will receive carried out right here.
    The sketch is tasteful, your authored material stylish.
    nonetheless, you command get bought an impatience over that you wish be delivering the following.
    unwell unquestionably come further formerly again as exactly the same nearly a lot often inside case you shield this increase.

    Also visit my website :: Monte

    Reply
  11. Titus

    I think the admin of this web site is actually working hard in favor of
    his web site, because here every stuff asmr is
    quality based material.

    Reply
  12. Jill Flinchbaugh

    Hello! Someone in my Myspace group shared this site with us so I came to look it over. I’m definitely loving the information. I’m bookmarking and will be tweeting this to my followers! Terrific blog and superb design and style.|

    Reply
  13. https://amd1080.com/

    Pretty! This has been a really wonderful article. Thank you for providing this information.
    카지노사이트

    Reply
  14. https://main7.net/yes/

    hello!,I love your writing very so much! proportion we communicate more approximately your post on AOL? I require a specialist on this area to resolve my problem. Maybe that’s you! Having a look ahead to see you.
    샌즈카지노

    Reply
  15. Ha Sondrini

    What’s up, this weekend is pleasant designed for me, as this time i am reading this fantastic educational post here at my residence.|

    Reply
  16. Randal

    What’s up, I read your new stuff regularly. Your writing style is witty,
    keep it up!

    Feel free to visit my web blog off asmr

    Reply
  17. Patricia

    Hello there! I know this is kinda off topic but I was wondering which blog platform
    are you using for this site? I’m getting tired of WordPress because I’ve had issues with hackers and
    I’m looking at alternatives for another platform. I would
    be great if you could point me in the direction of a good platform.

    Feel free to visit my webpage info my (j.mp)

    Reply
  18. Ernesto

    Greetings! Quick question that’s entirely off topic.
    Do you know how to make your site mobile friendly?

    My weblog looks weird when viewing from my iphone4. I’m trying to find a theme
    or plugin that might be able to correct this issue. If you have any recommendations,
    please share. Thank you!

    Also visit my web blog: Dorothea

    Reply
  19. Lorene

    Fantastic beat ! I wish to apprentice while you amend your info – tinyurl.com – site, how could i subscribe for a blog
    web site? The account aided me a acceptable deal. I had been tiny bit acquainted of
    this your broadcast offered bright clear concept

    Reply
  20. Danny

    I think the admin of this website is in fact working hard in support of his website,
    since here every data is quality based information.

    My web site :: our info (tinyurl.com)

    Reply
  21. Hermelinda

    What i do not understood is if truth be told how you are
    not actually much more well-liked than you may be right now.
    You are very intelligent. You know thus considerably in relation to this
    subject, produced me in my view imagine it from a lot of various angles.
    Its like women and men are not interested until it info is (bit.ly) one thing to accomplish
    with Lady gaga! Your personal stuffs outstanding.

    At all times handle it up!

    Reply
  22. Elisha

    Hey! Someone in my Myspace group shared this website with us so I came to take a look.

    I’m definitely loving the information. I’m book-marking and will be tweeting this to my followers!
    Fantastic blog and fantastic design and style.

    Also visit my blog post … info but [http://tinyurl.com]

    Reply
  23. Chara

    Hi mates, its great post about tutoringand entirely defined, keep it up
    all the time.

    Feel free to visit my blog post; when info (t.co)

    Reply
  24. Cathern

    Aw, this was an incredibly good post. Taking the time and actual effort to make a top notch article… but what can I
    say… I procrastinate a whole lot and never manage to get anything done.

    Feel free to surf to my webpage :: info my (http://tinyurl.com/ya22ajle)

    Reply
  25. Iola

    It’s remarkable in support of me to have a site, which is useful in support of my know-how.

    thanks admin

    Also visit my page info on (tinyurl.com)

    Reply
  26. Phil

    Hey! I know this is kinda off topic but I was wondering which blog platform are you using for this site?
    I’m getting sick and tired of WordPress because I’ve had issues with hackers and I’m looking
    at alternatives for another platform. I would be awesome if you could point me in the direction of a good platform.

    my web blog: info why [tinyurl.com]

    Reply
  27. Adrienne

    Hi there, after reading this amazing article i am also delighted to share info my (tinyurl.com) knowledge here with colleagues.

    Reply
  28. Lori

    Hello to every body, it’s my first go to see of this weblog; this web site consists of amazing and
    really fine stuff in favor of visitors.

    Check out my web blog … flight tickets cheap

    Reply
  29. Ben

    Hello, I enjoy reading all of your article. I like to
    write a little comment to support you.

    Feel free to surf to my web-site discount airline tickets

    Reply
  30. Nestor

    I’ve been exploring for a bit for any high quality articles or weblog posts on this kind of area .
    Exploring in Yahoo I finally stumbled upon this website. Reading
    this information So i am happy to exhibit that I’ve an incredibly excellent uncanny feeling I came upon just what I needed.
    I most unquestionably will make sure to do not
    fail to remember this site and provides it a glance on a constant basis.

    my web blog; absolutely cheapest airfare possible

    Reply
  31. Jonna

    Have you ever considered about adding a little bit more than just your articles?
    I mean, what you say is fundamental and everything.
    But imagine if you added some great pictures or
    videos to give your posts more, “pop”! Your content is excellent but
    with pics and clips, this website could undeniably be cheap one way airline tickets of the most beneficial
    in its field. Good blog!

    Reply
  32. Desmond

    I was wondering if you ever thought of changing the layout of your website?
    Its very well written; I love what youve got to say.
    But maybe you could a little more in the way of content so people could connect with it better.
    Youve got an awful lot of text for only having one or 2
    images. Maybe you could space it out better?

    Feel free to surf to my site – cheapest airline tickets guaranteed

    Reply
  33. Cortney

    I am extremely inspired with your writing skills as
    smartly as with the layout in your blog. Is this
    a paid topic or did you customize it your self?
    Anyway keep up the nice quality writing, it’s uncommon how to find the cheapest flights
    see a nice blog like this one these days..

    Reply
  34. Anke

    Hi! Do you know if they make any plugins to protect against hackers?
    I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?

    My webpage; gamefly

    Reply
  35. Cheryle

    After I originally commented I seem to have clicked the -Notify me when new comments are added- checkbox
    and now every time a comment is added I receive 4 emails with the same comment.

    Is there a means you are able to remove me from
    that service? Cheers!

    my website: gamefly

    Reply
  36. Katherine

    I am really loving the theme/design of your website.
    Do you ever run into any web browser compatibility problems?
    A small number of my blog audience have complained about my site not operating correctly in Explorer but looks great in Chrome.

    Do you have any recommendations to help fix this issue?

    Stop by my website; houston junk car buyer

    Reply
  37. Clifford

    My brother suggested I might like this blog. He was entirely right.
    This post actually made my day. You can not imagine just how much
    time I had spent for this info off (http://tinyurl.com/y27tmj5a)!
    Thanks!

    Reply
  38. Rosario

    After looking at a few of the blog articles on your web page,
    I truly appreciate your technique of blogging. I added it to my bookmark webpage list and will be checking back soon. Please check out my
    web site as well and let me know what info (tinyurl.com) you think.

    Reply
  39. Best Mortgage Broker Australia

    Thank you for sharing your blog. Keep on posting.

    Reply
  40. Elizbeth

    https://poradnikfaceta.com
    I just could not go away your site before suggesting that I extremely enjoyed the usual information a person supply on your guests?
    Is going to be again continuously in order to investigate cross-check new posts

    Reply
  41. Adrienne

    It is not my first time to visit this site, i am visiting this info; tinyurl.com, site dailly and take nice data from
    here all the time.

    Reply
  42. Roger

    Because the admin of this web page is working, no doubt very soon it
    will be famous, due to its quality contents.

    my blog post: info where (t.co)

    Reply
  43. Anglea

    Somebody essentially assist to make seriously posts I might state.
    This is the first time I frequented your website page and up to now?
    I surprised with the research you made to make this actual submit extraordinary.
    Fantastic task!

    Stop by my web blog … info what – tinyurl.com,

    Reply
  44. Vicky

    I am in fact grateful to the owner of this website who has shared this great piece
    of writing at at this place.

    My blog: off info (http://tinyurl.com)

    Reply
  45. Dwight

    Hmm it appears like your blog ate my first comment (it was extremely long) so
    I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog.
    I as well am an aspiring blog blogger but I’m still new to the whole
    thing. Do you have any helpful hints info for; tinyurl.com, rookie blog writers?
    I’d really appreciate it.

    Reply
  46. Louanne

    Excellent way of explaining, and good post to get facts concerning my presentation focus,
    which i am going to deliver in school.

    Review my web blog :: was info (tinyurl.com)

    Reply
  47. Latonya

    What’s up, all is going fine here and info (tinyurl.com)
    ofcourse every one is sharing facts, that’s really good, keep up
    writing.

    Reply
  48. Madeleine

    We are a group of volunteers and opening a brand new
    scheme in our community. Your website offered us with valuable why
    info [tinyurl.com]
    to work on. You’ve done a formidable process and our entire community
    shall be grateful to you.

    Reply
  49. Deandre

    You actually make it appear so easy together with your presentation however I find info this – tinyurl.com – matter to be actually something that I feel I
    might by no means understand. It sort of feels too complicated and extremely wide for me.
    I’m looking ahead on your next submit, I’ll try to get the hold of it!

    Reply
  50. Donny

    Furthermore within the next century, maritime insurance developed extensively,
    and premiums were intuitively varied with risks.

    Feel free to visit my web-site: tinyurl.com

    Reply
  51. Ophelia

    Data necessary to run the service, diagnostic information and repair
    generated data will be transferred to Microsoft.

    Feel free to surf to my blog post; bit.ly

    Reply
  52. Jeremiah

    Certain insurance products and practices have been described as rent-seeking by critics.

    My web-site cutt.ly

    Reply
  53. Joe

    After producing charges, the insurer will use discretion to reject
    or settle for risks via the underwriting process.

    Here is my web page: is.gd

    Reply
  54. Uta

    The policyholder can select to pay the time
    period insurance premiums via Net Banking, Debit/Credit cards, NEFT or by way of any e-Wallets.

    Feel free to visit my site – ubezpieczeniaporeba.pl

    Reply
  55. Ivey

    For Life Insurance policies, the free-look period is of usually 15 days from the date
    of receiving coverage documents.

    Feel free to visit my site; ubezpieczenia-jaworzno.pl

    Reply
  56. Annett

    User-friendly websiteThe InsuranceDekho website is easy to
    navigate.

    Here is my web page … https://cutt.ly/

    Reply
  57. Dean

    This premier occasion brings collectively innovators and regulators to explore the way ahead for insurance regulation.

    My website :: http://silverstar.com.pl

    Reply
  58. Edwardo

    The entire process from selecting the right insurance policy to getting
    it issued takes just 5 minutes on InsuranceDekho.

    Also visit my blog cutt.ly

    Reply
  59. Garland

    That’s only one reason Chubb earns such high buyer satisfaction scores.

    Also visit my web page :: is.gd

    Reply
  60. Denise

    Electronic Funds Transfer ProgramsConvenient method for the cost of
    Invoices and Premium Tax remittances.

    Feel free to surf to my web site; https://rebrand.ly

    Reply
  61. Juliana

    Without the coverages you need, you can have to pay those bills on your own.

    Feel free to visit my website … is.gd

    Reply
  62. Jani

    Fill out our calculator to get an estimate of how
    a lot coverage you might need to protect your family
    members.

    Visit my webpage – Bit.ly

    Reply
  63. Frank

    The most common forms of private insurance insurance policies
    are auto, well being, householders, and life.

    My web page :: bit.ly

    Reply
  64. Eileen

    The policyholder can select to pay the time period insurance
    premiums by way of Net Banking, Debit/Credit playing cards, NEFT or by way of any e-Wallets.

    my blog … bit.ly

    Reply
  65. Brenton

    Firstly, it helps you meet the authorized requirement of proudly owning a minimal
    of a 3rd celebration automotive insurance cover.

    Check out my web page – tinyurl.com

    Reply
  66. Edwin

    Windstorm insurance is an insurance overlaying the injury that
    may be caused by wind events similar to hurricanes.

    my webpage … https://is.gd/

    Reply
  67. Deanna

    Insurance premiums from many insureds are used to fund accounts reserved
    for later fee of claims – in concept for a comparatively few claimants
    – and for overhead prices.

    Also visit my blog https://Rebrand.ly

    Reply
  68. Alycia

    My brother recommended I would possibly like this blog. He was entirely right.

    This submit truly made my day. You cann’t consider simply how a lot time
    I had spent for this information! Thanks!

    Here is my web page: info and; http://tinyurl.com/2j9nwj6z,

    Reply
  69. Carri

    Supplemental natural catastrophe insurance covers specified bills after
    a pure disaster renders the policyholder’s house uninhabitable.

    my web page :: tinyurl.com

    Reply
  70. Clinton

    I am regular reader, how are you everybody? This article
    posted at this web site is actually good.

    Also visit my site :: source

    Reply
  71. Aliza

    I am regular reader, how are you everybody? This post posted at this site is really nice.

    Look into my web-site info our (http://bit.ly/)

    Reply
  72. Sheryl

    A reinsurer can also be a direct writer of insurance dangers as properly.

    Feel free to visit my homepage is.gd

    Reply
  73. Margart

    When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several e-mails
    with the same comment. Is there any way you can remove me from that service?

    Many thanks!

    Here is my site; comprar super kamagra

    Reply
  74. Sharron

    These are in fact wonderful ideas in about blogging. You have touched some
    pleasant points here. Any way keep up wrinting.

    Feel free to visit my website … on info (http://tinyurl.com/23mb3apk)

    Reply
  75. Vilma

    Howdy! I know this is somewhat off-topic however
    I needed to ask. Does managing a well-established website like yours take a
    large amount of work? I am completely new to writing a blog however I do write in my diary every day.
    I’d like to start a blog so I can share my experience and
    feelings online. Please let me know if you have any kind of
    suggestions or tips for brand new aspiring blog owners.

    Thankyou!

    Also visit my webpage :: info what – tinyurl.com,

    Reply
  76. Lynne

    I think the admin of this web page is in fact working hard for his
    web page, since here every information is quality
    based information.

    my web page; info why – tinyurl.com,

    Reply
  77. Niki

    Appreciate this post. Will try it out.

    Also visit my blog :: where info (tinyurl.com)

    Reply
  78. Isis

    Discover the number of positions and alternatives out there at MAPFRE Insurance.

    My web page; cutt.ly

    Reply
  79. Gail

    Depending on the corporate’s particular policies
    it might or might not cover the deductible as nicely.

    Here is my site … https://rebrand.ly/3fedfa

    Reply
  80. Verona

    Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet
    my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe
    you would have some experience with something like this.
    Please let me know if you run into anything.
    I truly enjoy reading your blog and I look forward to your new updates.

    Here is my web-site … achetercialis2022.quest

    Reply
  81. Sharron

    Hey, I think your blog might be having browser compatibility issues.
    When I look at your website in Safari, it looks fine
    but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up! Other then that, amazing blog!

    Check out my site … scholasticabd

    Reply
  82. Mitch

    Hey there! I’ve been following your web site for a long time now and finally got the courage to go ahead and
    give you a shout out from Huffman Texas! Just wanted to mention keep up the
    great work!

    Here is my web site :: info our (http://tinyurl.com/24rhhsna)

    Reply
  83. Merri

    Add-on Covers – Insurers offer completely different add-on covers
    for bike insurance plan.

    My site; https://is.gd/

    Reply
  84. Sandra

    Can I just say what a comfort to find an individual who actually knows
    what they are talking about on the net. You certainly understand how to bring an issue to light and make it important.
    More and more people must check this out and understand this side of the
    story. I was surprised that you are not more popular given that you definitely possess the gift.

    my website; special

    Reply
  85. Laurence

    Do you have a spam issue on this blog; I also am a blogger, and I was curious about
    your situation; many of us have created some
    nice procedures and we are looking to trade solutions with other folks, why not shoot me an email
    if interested.

    my web-site but info (tinyurl.com)

    Reply
  86. Eleanore

    Heya i am for the first time here. I came across this board and I find
    It truly useful & it helped me out a lot. I hope to give something back and help others like you aided me.

    Also visit my page; when info (tinyurl.com)

    Reply
  87. Shanice

    MyNAIC Access technology instruments and resources for U.S.
    insurance regulators.

    My web blog – rebrand.ly

    Reply

leave your comment


Your email address will not be published.