How Can You Sell Your Property While It’s Under Debt?
Loan Against Property is a secured loan, whereby the mortgaged property acts as a security for the lender. It serves as a cover against the financial risk they undertake when lending out money.
The ownership documents of the property mortgaged thus lie with the lending institution. You need the lender’s permission to sell your property, which is in debt.
It is highly unlikely that a lender will allow you to sell the mortgaged property unless the mortgage loan availed is repaid. Therefore, you may look forward to repaying the debt through various methods to be able to sell your mortgaged property.
Ways to Pay Off Your Loan to Sell the Property Under Debt
- Debt Consolidation
Debt consolidation is the way forward to remove the debt burden on your mortgaged property. Opt for a debt consolidation loan Against Property. Mortgage a property of high-value to pay off the remaining debt on the existing property with this amount.
If you have a lump sum amount available for disposal, use it for prepayment of your loan before the tenure ends. Lenders charge a small percentage as a prepayment or foreclosure charge to pay off your loan before tenure completion.
Bajaj Finserv offers Property Loan prepayment facility on with low to no charges. An individual availing this loan at a floating rate of interest pays nil charges to avail this facility. This financing option also comes with attractive interest rates and charges which make repayment affordable.
- Opt For A Balance Transfer Facility
Bajaj Finserv brings mortgage loan balance transfer facility with lower Property Loan rates. Transfer the existing balance of your loan to Bajaj Finserv and repay quickly with reduced EMIs to remove the debt burden, thus making your property debt-free and saleable.
Apply for this loan with Bajaj Finserv against minimum loan against property eligibility criteria and documents. Use the mortgage calculator to estimate your monthly outflow and plan your finances accordingly.