Property On Loan

How you can sell when you are still not owner. bank is current owner having original papers. without bank approval or clearing loan, you can not sell it.

Hi, One can sell a property after getting the consent or in-principal approval by lender. This has to be done in a manner that part of the sale consideration will be paid directly to the lender or lending bank and the remaining balance (if any) shall go to the seller/current owner. Upon receipt of the total loan consideration, the lender will release the original title deed of the property, deposited with the lending bank at the time of disbursement of the loan, to the seller/current owner. If you find it helpful, please rate my answer. Thank You