Home loans are a major financial instrument in India that helps people to buy property or build a house. By taking a home loan, people can buy their property in installments without paying a lump sum amount. This loan is repaid over time through monthly installments (EMI). Many times it happens that a person has to sell the property purchased under his loan before the loan is fully repaid. In such cases, it is necessary to complete some formalities so that the sale of the property can be completed legally.

But the first question here is whether such houses can be sold on which the loan is still running. Yes, even if your home loan is still running, you can sell your property. For this, it is necessary that you first get consent (NOC) from your bank or lender. If the person buying the property also wants to take a loan from the same bank from which you have taken the loan, then the process becomes simple. The bank does not need to transfer the property papers to another institution.

If the buyer wishes to purchase the property in cash, he can make the payment directly to the bank. The property papers will not be issued until the bank recovers the entire loan amount and any other dues.

Process of selling the property
First of all, check your outstanding loan amount and ensure that you have sufficient funds to repay it.
If you are unable to repay the entire loan amount, you can negotiate with the bank or take other options like a personal loan.
Next, you will have to obtain a No Objection Certificate (NOC) from the bank, which will prove that the bank has no objection to selling the property.
It is better to consult a real estate expert so that you get the right information about the legal and financial aspects of this entire process.