Education Loan Pre-payment and Sale of Mortgaged Asset

03 November 2021

Hi Can any one provide me information on Education Loan related I have a doubt below:

1) If I want to sell the mortgaged property given for taking education can I pre pay the loan and is there any additional charges will banks leavy ?

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6 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 03 November 2021

But the mortgage property cannot be sold by you

Ramasekhar Parise (3 Points)
Replied 03 November 2021

I want pay the full loan amount taken and once it's paid then I want to sell the mortgaged property.

Janak Shah (ca) (603 Points)
Replied 03 November 2021

Yes you can pre pay the loan and sell off the mortgaged property. There is a pre payment penalty which you can inquire with the bank

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 03 November 2021

If you prepay the loan then you can sell the mortgage property

CA Aakarsh Jain (CA) (10216 Points)
Replied 03 November 2021

Agreed

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 07 November 2021

Thank you

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