Need A Financial Product Forums Loans Can I repay loan by asking bank to sell house

This topic contains 1 reply, has 2 voices, and was last updated by  Yogesh Arora 2 years, 1 month ago.

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  • #48380

    Yogesh Arora
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    In 2009, I purchased house for Rs. 52 lakhs. I paid down payment of Rs. 12 lakhs from my pocket and remaining Rs. 40 lakhs by arranging loan from Bank of Baroda. In between, I lost job and outstanding debt is Rs. 35 lakhs. Value of house is Rs. 75 lakhs. Is it possible that I can request the bank to sell my house in an auction, take the auction charges and outstanding loan amount and return the balance to me?

    #48381

    Bank will ask you to arrange buyer and you will have to repay your entire loan before selling house.

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