Can a Flat purchased on Home be let on lease?
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September 13th, 2009 at 5:01 am
with the permission of the bank
September 13th, 2009 at 8:12 am
Most mortgage agreements have language in them that requires the lien holder (you) to occupy the premises for 2 years. After that it would be fine. Just check your mortgage agreement to make sure that you don’t have that restriction or that you have fulfilled the 2 year requirement.
September 14th, 2009 at 6:26 am
absolutely.
you can lease it out to any one of your choice. bank need only prompt repayment of monthly installments.
September 20th, 2009 at 7:37 am
Yes. The agreement must state that the flat is mortgaged in bank and the bank must be informed. There should not be uch problem as it is a common practice.
Still if u want you can ask the experts for free at Legal Corner