How can I dispose of a property that I purchased on loan in India ?

I purchased a property in India while I was a resident India. Now that I have migrated how will I dispose the property with loan amount.
P.S I know that I can sell the property and transfer the loan to the buyer, but other than will the Housing company acquire it or are there some provisions for this?

One Reply to “How can I dispose of a property that I purchased on loan in India ?”

  1. At the onset,to transact a property in India being physically not present , you need to execute a Power of Attorney in favour of some person in India willing to transact on your behalf.
    To Sell a property with loan you have three options:
    1) If the buyer is not taking any loan and agrees to pay you the pending loan amount as an advance? You may pay off your loan and pick up your documents from the Bank.Thereafter you may transfer the property to him and take your balance amount.
    2) If the Buyer is planning for a loan , he may take loan from the same bank and you may go for a book transfer.
    3) If the buyer does not agree to go for the same bank, You may change to his bank through a balance transfer and then subsequently go for a book transfer.
    The Promoter or the Housing company has no role to play here. If you submit all the documents to the Promoter as per their norms they will transfer the property to your nominees. However in case of Book transfer or balance transfer the Banks handle the transfer of documents. They may need some letters form you as per their format to handle the transfers.
    If your property is in kolkata we may assist you on this. Otherwise you may consult a good property
    lawyer in the relevant city.

Leave a Reply

Your email address will not be published. Required fields are marked *

18 + 16 =