Tuesday, November 8, 2011

Can one sell a house/flat whose loan has not been fully repaid?

This is probably a stupid question, but I would like to know if it is possible for me to sell my house/flat which was built with the help of a bank-loan and which is not yet fully repaid. Of course until the loan is fully paid back, I am not the owner of the house/flat, but still, is there any way? I am considering a situation like this, suppose I purchase a flat taking a home loan and before it is fully repaid, I am forced to shift to some other place (as required by job). Then what do I do? I have the option to keep the house and keep repaying EMI, but then I also have to rent a house at my shifted place and that would mean too much monetary burden. How do people tackle such problems?

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