Can I request my bank to sell my home and return back the difference amount after deducting balance loan outstanding ?

POSTED BY Amit_Jha ON April 3, 2014 8:38 pm COMMENTS (2)

I purchased a home in Rs 40 Lakh. (15 Lakh Down payment and 25 Lakh Loan). After 5 year , my outstanding balance is 22 Lakh and my home price is doubled (80 Lakh). Can I request bank to sell my house and prepay balance loan amount . Will I get remaining (80Lakh-22 Lakh)=58 Lakh.

2 replies on this article “Can I request my bank to sell my home and return back the difference amount after deducting balance loan outstanding ?”

  1. Rokhan says:

    Hi Amit

    If you sell the house at 90 lakhs, how much will you get? What if you sell it at 70 lakh?

    Now what will the bank get if they sell the house at 90 lakh? What if they sell at 70 lakh?

  2. ashalanshu says:

    Dear Amit, normally it’s other way around. you need to arrange a buyer for your house and pay off the loan before selling the property to buyer. Keep the difference with you.

    Thanks

    Ashal

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