Home/Finance/Home Loan/I have a housing loan going on for a house bought in 2015. Now, I am planning to sell that house. What will happen to the housing loan and what's the process to transfer the loan?
Q.
I have a housing loan going on for a house bought in 2015. Now, I am planning to sell that house. What will happen to the housing loan and what's the process to transfer the loan?
There are many people who are in the same situation as yours. Many people think that you can transfer the loan to the buyer. However, this is not possible.
Usually, there are two options if you wish to sell your property which still has home loan pending.
1. You can choose to pay the balance loan amount from your pocket. Let’s say, the balance amount is 8 L, you need to pay this amount to the bank and get the loan cleared. Another thing to remember is that, there won’t be any interest on this lump sum payment and get your documents released.
2. Another option is that the buyer applies for a fresh home loan at your bank. In this case, the loan amount is transferred to the buyer and the balance is paid to you. This process is convenient for you as well as the buyer as the transfer and verification of the documents happens quickly.
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I have a housing loan going on for a house bought in 2015. Now, I am planning to sell that house. What will happen to the housing loan and what's the process to transfer the loan?
Sooraj
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August 28, 2020
2020-08-28T21:04:21+00:00 2020-11-11T17:58:33+00:00Comment
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Home Loan
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