Question: Can we sell a house on EMI?

Before you proceed to sell your property that has an outstanding loan on it, you must seek a No Objection Certificate (NOC) from the lender on the selling agreement. Your lending bank must be notified of your intent to sell the property or the initiation of the process.

How can I sell my house on EMI?

Answer: In case you want to sell the property on which you have a running home loan, you will need your lender’s consent for the same. This consent is typically provided in the form of a letter which will typically provide the amount, on payment of which the outstanding loan will be fully paid off.

Can you sell a financed house?

“It is rare that homeowners sell only after having paid off their home loan in full. But, because property is an appreciating asset, most are still able to walk away with cash to spare even after covering the existing loan amount and other costs such as commission and bond cancellation fees.

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Can we sell a house which is on loan Quora?

Yes, you can sell a house while paying EMI for it. But from the proposed sell proceeds all outstanding loan will have to be cleared first, and buyer will pay you balance amount if any after clearing all the outstanding loans.

How do I sell my house if I still owe on it?

Request a short sale: If you need to move and owe more than your home is worth, you might consider a short sale. A short sale is when the lender agrees to reduce the balance you owe on the home to help you sell.

Can you sell a loan?

Lenders typically sell loans for two reasons. The first is to free up capital that can be used to make loans to other borrowers. The other is to generate cash by selling the loan to another bank while retaining the right to service the loan.

Can we sell house to bank?

Procedure how to sell property with outstanding loan

The seller has to get prior or principal approval from the lender. In this approval, a part of the sale consideration (amount) has to be directly paid to the lender or bank and the remaining amount (if any) can go to the seller or owner of the property himself.

Can I owner finance if I have a mortgage?

A homeowner with a mortgage can offer seller-carried financing but it’s sometimes difficult to actually do. … Home sellers, looking to increase their buyer pools, might choose to offer seller-carried financing, even if they still have mortgages on their homes.

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Do I need to tell my bank I’m selling my house?

4. When do I tell my mortgage lender that I’m selling my house? You don’t need to tell your lender about your home sale until you’ve accepted an offer. However, it may be helpful to let them know earlier so they can give you an accurate mortgage payoff quote.

Can I sell my flat to bank?

The bank will check the income of the new buyer and do the complete KYC before approving it. “One can sell his property on which loan is pending but it is important that you clear your pending dues with the bank. After you have paid back fully, you can get your original property documents and sell your property.

Can I sell flat with home loan Quora?

Can I sell my current flat for which I am having a loan? – Quora. Yes, with prior permission from your lending Bank/ financier. The buyer has to pay the price directly to the bank and receive the property documents from the Bank.

What happens if you sell your house before 5 years?

You can sell your home before 5 years, or soon after purchasing the home without keeping it for long. There is no 5-year rule for selling a house soon after buying it. While there is no rule, there may be penalties for breaking your mortgage term when selling your home.

What happens if I sell my house and don’t buy another?

Profit from the sale of real estate is considered a capital gain. However, if you used the house as your primary residence and meet certain other requirements, you can exempt up to $250,000 of the gain from tax ($500,000 if you’re married), regardless of whether you reinvest it.

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Can you sell a house you don’t own?

Here’s what you need to know, legally, about selling a home if you still owe money on your mortgage. The only thing stopping you from selling your home before you’ve paid off your mortgage is your lender, because, technically speaking, you don’t own the home outright yet.