Yes, you can sell your property even if there is outstanding home loan amount. But you have to follow the process below.
a) Obtain a NOC from the Bank for your loan foreclosure.
b) Pay the foreclosure amount to the Bank from where you had taken the home loan and obtain your complete property documents.
c) Hand over your property documents to the buyer once the registration is complete.
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List of papers/ documents applicable to all applicants: |
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Completed loan application |
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3 Passport size photographs |
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Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card) |
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Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID card) |
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Proof of business address for non-salaried individuals |
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Statement of Bank Account/ Pass Book for last six months |
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Signature identification from present bankers |
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Personal Assets and Liabilities statement |
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For guarantor (wherever applicable): |
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Personal Assets and Liabilities Statement |
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2 passport size photographs |
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Proof of identification as above |
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Proof of residence as above |
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Proof of business address as above |
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Signature identification from his/her present bankers |
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Additional documents required for salaried persons : |
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Original Salary Certificate from employer |
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TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt. |
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Additional documents required for Professionals/self- employed/ other IT assesses: |
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Acknowledged copies of three years I.T. returns/ Assessment Orders. |
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Photocopies of challans evidencing payment of Advance Income Tax. |
Yes Property can be purchased in the name of Minor. However All the documents to be signed by the Parents/ Guardian on behalf of Minor.
Floor Space Index is called FSI. This means how much construction is allowed on a particular land based on FSI.
Any area over and above the built up area is called super built up area.
Built up area is arrived by loading 20% on the Carpet Area.
OC means Occupation Certificate. Municipal Corporation/Panchayat grant the OC after getting satisfied with the completion of Construction work in all respect.
CC means Commencement Certificate. Municipal corporation/Panchayat on receipt of all the required documents & compliances made by the Builder/Developer issues the Work Commencement Certificate.
