• Selling one portion of building

Hi ,
I have a one storey  Building (Ground + 1st floor) in Bangalore which is 4 years old on 30/40 site dimension.I have a bank loan on whole building to the tune of 35 lacs. As iam facing hardship to pay EMI , Iam planning to sell the One portion of the house (Ground Floor) & retain 1 st floor. Ground floor has two bedrooms with hall, kitchen & bathrooms & separate entrance.
Please let me know legal formalities in Bangalore to sell only one portion of the house .
Asked 3 years ago in Property Law from Bangalore, Karnataka
You need to execute an agreement to sell with the prospective purchaser and then cause the sale deed to be registered in his favour.
Ashish Davessar
Advocate, Jaipur
19108 Answers
484 Consultations
5.0 on 5.0
Further as your property is mortgaged you need to get consent from the bank to get the portion of the property sold. You have involve the bank in the transaction so that bank should release half of its charge over the property and re-fix the EMI amount after you pay lump sum amount.
Sandeep Hegde
Advocate, Bangalore
368 Answers
100 Consultations
4.8 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Property Lawyers

T Kalaiselvan
Advocate, Vellore
16443 Answers
153 Consultations
5.0 on 5.0
Ajay Sethi
Advocate, Mumbai
26071 Answers
1418 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
19108 Answers
484 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
13200 Answers
280 Consultations
5.0 on 5.0
Devajyoti Barman
Advocate, Kolkata
6460 Answers
71 Consultations
4.9 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
2978 Answers
45 Consultations
4.9 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
944 Answers
64 Consultations
5.0 on 5.0
Ajay N S
Advocate, Ernakulam
1986 Answers
23 Consultations
5.0 on 5.0
Thresiamma G. Mathew
Advocate, Mumbai
1353 Answers
93 Consultations
5.0 on 5.0
Kiran N. Murthy
Advocate, Bangalore
810 Answers
56 Consultations
5.0 on 5.0